Latest News From Meghan Vick

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Drought improvement for Northern Plains and Upper Midwest

Several storms traversed these regions over the past week, helping to counter unseasonable warmth.

First Thing Today | Oct. 14, 2021
First Thing Today | Oct. 14, 2021

China raises minimum purchasing price for wheat for first time since 2014. Attaché lowers forecast for Argentine soybean plantings. Is inflation transitory or structural? UAW has called a strike against Deere & Co.

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FOMC minutes signal tapering of QE could begin as soon as mid-November

Initial tapering efforts will likely include cutting $10 billion a month in Treasury buys and $5 billion a month in mortgage-backed securities purchases.

Evening Report | Oct. 13, 2021

FOMC minutes signal tapering of QE could begin as soon as mid-November. Latest CPI update shows inflationary pressures linger. EIA calling for ‘significantly’ higher spending on home heating this winter.

First Thing Today | Oct. 13, 2021
First Thing Today | Oct. 13, 2021

Chinese bean buying slows in September. Certified acreage data release delayed. Americans quit their jobs at a record clip in August. Atlanta Fed chief says U.S. jobs slowdown should not derail taper timeline.

Evening Report | Oct. 12, 2021
Evening Report | Oct. 12, 2021

USDA raises corn and soybean crop estimates, boosting ending stocks. Corn and soybean harvest progress about as expected. IMF trims global growth outlook

USDA raises corn and soybean crop estimates, boosting carryover
USDA raises corn and soybean crop estimates, boosting carryover

On the other hand, its cotton production and carryover forecasts dropped more than analysts anticipated.

Soybean inspections nearly double previous week’s tally
Soybean inspections nearly double previous week’s tally

Corn and wheat inspections were in the lower half of analysts’ expectations and down from the week ending Sept. 30, with exporters focusing on soybean shipments as Louisiana ports reopen.

First Thing Today | Oct. 12, 2021
First Thing Today | Oct. 12, 2021

Corn, soybeans soften leading up to USDA’s reports. Wet late-season weather lowers Chinese corn crop prospects. Timely soybean planting for Brazil. Russian wheat export prices climb for the 13th week in a row.

First Thing Today | Oct. 11, 2021
First Thing Today | Oct. 11, 2021

Rains easing drought on northern Plains. Cargill shifts some soybean exports to Texas as repairs to Louisiana facilities continue. U.S. energy prices climbing. Prices rising for hogs on China’s spot & futures markets.

Evening Report | Oct. 8, 2021
Evening Report | Oct. 8, 2021

Another disappointing jobs report for September. Mexico quietly rejects application for GMO corn imports. Iowa records another record-breaking farmland sale.

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Mexico quietly rejects application for GMO corn imports

Mexico's National Farm Council and Bayer say the rejection violates the USMCA.

First Thing Today | Oct. 8, 2021
First Thing Today | Oct. 8, 2021

Strong September jobs report expected. Onslaught of late-season rains for northern China raises quality concerns. Senate passed a short-term extension of the debt limit. Waiver system for pork processing line speeds

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U.S. soybean carryover expected to double in coming WASDE

Analysts expect smaller corn and larger soybean crop estimates from USDA next Tuesday. Find more pre-report expectations here.

Near-even mix drought improvement and degradation for country’s midsection
Near-even mix drought improvement and degradation for country’s midsection

Several rounds of storm systems led to some drought improvement to the Midwest and Plains the week ending Oct. 5, but drought/dryness worsened in areas that missed out amid unseasonable warmth.

Dramatic rebound in corn export sales
Dramatic rebound in corn export sales

Corn export sales handily topped expectations the last week of September, with more export facilities reopening and fresh supplies in the U.S. pipeline. Sales were up sharply from sub-400,000 MT in recent weeks.

First Thing Today | Oct. 7, 2021
First Thing Today | Oct. 7, 2021

Global food prices up nearly a third from year-ago. Farm optimism slides as inputs rise, ag trade prospects dim. Debt limit ceasefire. Russia offers to ease Europe’s gas crisis, with stipulations.

Beef exports topped the $1 billion mark for the first time in August, despite shipping challenge
Beef exports topped the $1 billion mark for the first time in August, despite shipping challenge

“The August export results would be impressive under any circumstances, but achieving these totals despite all the Covid-related obstacles at home & overseas is truly remarkable,” says USMEF President Dan Halstrom

First Thing Today | Oct. 6, 2021
First Thing Today | Oct. 6, 2021

Attaché: China to bring in 30 MMT of corn in 2020-21 & 20 MMT in 2021-22. Biden: ‘Real possibility' Dems could revise Senate rules to counter filibuster. PCR sales soared in Wuhan before first official Covid-19 cases.

10:30 a.m. Market Snapshot | October 5, 2021
10:30 a.m. Market Snapshot | October 5, 2021

Your midmorning update on commodity market action.

First Thing Today | Oct. 5, 2021
First Thing Today | Oct. 5, 2021

Cordonnier maintains U.S. crop estimates, notes ‘surprisingly good’ bean yields. Russian wheat prices still rising. Another Chinese developer has fallen into crisis. Biden warns U.S. could default, blames McConnell.

Corn and soybean harvest advancing rapidly
Corn and soybean harvest advancing rapidly

Find highlights from today's Crop Progress and Condition Report.

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NWS: Wetter October outlook for the Midwest and Plains

The National Weather Service revised its one-month temperature and precipitation outlooks at the start of October, including some significant changes on the precipitation front.

Notable improvement corn, soybeans and wheat export inspections
Notable improvement corn, soybeans and wheat export inspections

While shipment tallies improved notably as more export facilities reopened at the Gulf, the amount of beans inspected for export was still well under year-ago. USDA also made significant revisions to last week's data.

First Thing Today | Oct. 4, 2021
First Thing Today | Oct. 4, 2021

Soybeans drop to a six-month low. Dry weather holding back winter wheat planting in Russia. Canadian canola exports down sharply from year-ago. Biden administration to lay out China trade policy.

Your Pro Farmer newsletter (Oct. 2, 2021) is now available!
Your Pro Farmer newsletter (Oct. 2, 2021) is now available!

Download this week's newsletter here.

First Thing Today | Oct. 1, 2021
First Thing Today | Oct. 1, 2021

Welcome moisture for HRW wheat areas. Soybean crush expected to hit four-year low for August. Russian wheat tariff will hit a new high next week. Euro-zone inflation hits highest level in 13 years as energy prices soar.

Evening Report | Sept. 30, 2021
Evening Report | Sept. 30, 2021

Soybeans the surprise in the September Grain Stocks Report. Senate approves stop-gap government funding bill; measure now heads to House. Iowa cropland values surge 19%.

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Sept. 1 corn and soybean stocks top expectations by roughly 80 million bushels

On the other hand, USDA’s quarterly wheat stocks estimate was 72 million bu. lighter than analysts anticipated. Find more highlights from USDA's latest Quarterly Grain Stocks Report and Small Grains Summary.

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Drought intensifies and expands across the Plains and western Corn Belt

Warm, dry weather dominated the western half of the U.S. the week ending Sept. 28, while some welcome rain fell in some areas of the Midwest, the Mid-Atlantic and into the Northeast.

Corn sales remained light, but soybean sales ramped up
Corn sales remained light, but soybean sales ramped up

Cotton export sales soared 65% from last week’s strong tally to 571,400 RB, with China accounting for the bulk of the purchases.

First Thing Today | Sept. 30, 2021
First Thing Today | Sept. 30, 2021

Light buying as market readies for USDA reports that have historically sparked volatility. China’s official PMI dips into contraction territory. Lawmakers to vote on measure averting a government shutdown today.

First Thing Today | Sept. 29, 2021
First Thing Today | Sept. 29, 2021

CHS’s Myrtle Grove terminal reopens. Cyclone damages Indian crops. Senate preparing ‘clean’ stopgap spending measure to fund government agencies until Dec. 3. Argentina lifts cap on beef exports.

Sept. 1 stocks expected to hit multiyear lows for corn, soybeans and wheat
Sept. 1 stocks expected to hit multiyear lows for corn, soybeans and wheat

We believe any surprises for wheat will likely come in the Small Grains Summary. Find expectations for USDA's key reports at month's end.

First Thing Today | Sept. 28, 2021
First Thing Today | Sept. 28, 2021

Cordonnier cuts U.S. corn yield estimate. CNGOIC official expects strong Chinese grain imports in 2021-22. World Weather says western HRW wheat areas should see some dryness relief this week.

Wheat inspections slump as corn and soybean inspections edge higher
Wheat inspections slump as corn and soybean inspections edge higher

Wheat inspections came in well short of expectations at just over half of last week’s tally, catching the market off guard.

First Thing Today | Sept. 27, 2021
First Thing Today | Sept. 27, 2021

Analysts expect record Brazilian bean crop of nearly 144 MMT. Drying to worsen on the U.S. Plains, Canadian Prairies. More than 12,000 migrants from Del Rio surge have been released into U.S. Bullish H&P Report Friday.

Your Pro Farmer newsletter is now available
Your Pro Farmer newsletter is now available

Download this week's newsletter here.

10:30 a.m. Market Snapshot | Sept. 24, 2021
10:30 a.m. Market Snapshot | Sept. 24, 2021

Your midmorning update on commodity market action.

First Thing Today | Sept. 24, 2021
First Thing Today | Sept. 24, 2021

Rains have Argentine corn planting off to a quick start, but more needed. China the lead buyer of Australian wheat, despite tensions. Likely outcomes for key congressional issues.

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Hogs & Pigs Report expected to reflect contraction in U.S. hog herd

On average, analysts surveyed by Reuters expect USDA will report the Sept. 1 hog herd around 77.101 million head, down 1.7% from year-ago. The report will be released at 2:00 p.m. CT Friday.

Evening Report | Sept. 23, 2021
Evening Report | Sept. 23, 2021

Drought worsens across winter wheat country. IGC boosts global corn crop forecast for 2021-22. Framework deal announced to pay for human infrastructure measure, but details lacking,

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Drought worsens across winter wheat country

Warm, dry weather favored crop maturation and harvesting across much of the country the week ending Sept. 21, with topsoil moisture sliding for newly planted winter wheat.

Louisiana port disruptions still limiting exports of corn and soybeans
Louisiana port disruptions still limiting exports of corn and soybeans

But sales of soybeans, soymeal and cotton were strong the week ending Sept. 16, signaling optimism operations will get back to normal in time for the peak shipment period.

First Thing Today | Sept. 23, 2021
First Thing Today | Sept. 23, 2021

Warm, dry fall and winter could lead to low water levels on the Missouri River. When will Senate vote on combined CR/debt suspension bill? China lowers sow herd target in five-year plan.

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No major deviation in frozen beef and pork stocks vs. normal build for August

Find highlights from USDA's latest Cold Storage Report.

Reuters: Biden Administration reportedly considering cuts to ethanol component of RFS
Reuters: Biden Administration reportedly considering cuts to ethanol component of RFS

Reuters' report seems to line up with comments from Senator Grassley regarding the RFS on AgriTalk today. And Ag Secretary Vilsack's comments on the show seemed to pave the way for lower numbers.

First Thing Today | Sept. 22, 2021
First Thing Today | Sept. 22, 2021

Hurricane Ida made a thin input supply situation worse. Fed focus is on taper timing amid mixed economic signals. CR with debt suspension bill clears House but expected to be defeated in Senate.

ASF confirmed in Haiti as thousands of migrants swarm the U.S. Border
ASF confirmed in Haiti as thousands of migrants swarm the U.S. Border

The presence of the virus in the Americas paired with a surge in Haitian migrants at our southern border heightens concern the highly contagious disease could make its way to the U.S.