Friendly USDA data lifts corn, soybean and wheat. Argentine exchange expects soybean plantings to slide for sixth year in a row. Moderate Democrats pressure Pelosi to take up physical infrastructure package.
Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
USDA’s WASDE and Crop Production Report out at 11:00 a.m. CT. China trims soybean import projection for 2020-21. Low water levels on Parana River could get worse before it gets better.
Stifling summer heat stretches from coast to coast. Heat and dryness remain problematic in Canada. House to cut recess short, take up Democratic budget plan. Delta variant is threatening China’s economic recovery.
Cordonnier holds U.S. corn and soybean yield projections steady after recent rain. Senate Democrats on Monday unveiled a $3.5 trillion spending plan. Information regarding aid for contract hog producers could come soon
Corn ratings lifted by moisture and milder temperatures, but soybean ratings are steady to lower. Abiove expects smaller Brazilian soy crush in 2021, despite bigger crop.
Tyson Foods Inc. reported stronger-than-expected earnings for the third quarter, but the company says it cannot increase prices for chicken and prepared foods fast enough to keep pace with rising raw material prices
Corn inspections were more than halved compared with the week prior, with inspections coming up well short of expectations. Soybean inspections were also light and near the lower end of expectations.
Commodity trade keeping an eye on tumbling crude oil futures. Weekend rains lighter than expected for much of the western Corn Belt. Sanderson Farms announces $4.53 billion sale to Continental Grain.
July jobs update awaited. Temp swings stressing Argentine wheat, but not enough to lower crop prospects. China to release reserves of commodities ‘essential for livelihood,' takes more steps to control hog supply.
Drought worsens ‘significantly’ in Minnesota and northern Iowa. More firms expect a sub-trendline corn yield. Argentine strike suspended, for now. USDA to issue two new reports to improve cattle pricing transparency.
Conditions were mixed for the Midwest the week ending Aug. 3, with heavy precipitation again favoring southern and eastern areas of the Midwest, with little to no rain in the Upper Midwest.
Old-crop sales of the grain were light, but in line with expectations. Wheat sales fell short of expectations. Soybean sales were in line with expectations, with new-crop business perking up a bit.
Global food prices dip in July. Shipping container rates soar. A top Federal Reserve official said higher interest rates could come as soon as early 2023. Boxed beef prices still roaring higher.
ANEC says Brazil’s corn exports will be halved in 2020-21. Trucker strike adds to Argentina’s shipping woes. Trucker strike adds to Argentina’s shipping woes.
Diminished rain chances for the Corn Belt over the weekend, but rain possible mid-month. StoneX’s U.S. corn crop forecast well under USDA’s. China to probe fertilizer firms.
Cordonnier sticks with U.S. yield pegs, but anxious about dry northwest Corn Belt. Frost shrinks Brazil’s winter wheat crop. Egypt to raise subsidized bread prices. ASF spreading across the Dominican Republic.
The amount of corn inspected for export handily topped expectations and the tally nearly doubled the year-ago figure. In addition, last week’s number was also revised nearly 150,000 MT higher.
Wheat rallying to kick off August. Dry start to August, but temperatures not expected to be threatening. Big slowdown in soybean crush expected. Republican senators seek meeting with Biden on biofuels.
Profit-taking moved in overnight. Spring wheat tour confirms heavy toll of drought. China to suspend some fertilizer exports. Pork and cash hog prices fall.
Second day of spring wheat tour finds even lower yields. Bunge CEO optimistic Chinese demand for corn is here to stay. USDA confirms ASF in Dominican Republic.
Fed Chair Jerome Powell said the Fed is still a ways away from considering raising interest rates, though he did acknowledge near-term risks to inflation are to the upside.
Excessive heat continues for central U.S.; severe weather possible. Day 1 of spring wheat tour calculates a sub-30 bpa yield. Fed meeting ends today. CDC urges masks indoors for everyone in areas of surging cases.
On an earnings call today, Archer Daniels Midland CEO Juan Luciano said the world lost 15 MMT of crop production due to bad weather over the past two to three weeks.
Markets bounce as crop condition ratings slide. Sultry weather grips Northern Plains and western Corn Belt. Latest WHIP+/ag disaster bill authorizes up to $8.5 billion for eligible 2020 and 2021 disasters.
Corn inspections were also decent and above 1 MMT. Soybean inspections were near the upper end of expectations, though the overall tally was still pretty light.
Hot, dry week likely for much of the Midwest & Plains. Low Parana River water levels likely to get worse before they get better. Vilsack predicts moderation in food inflation. Friendly cattle reports may boost futures.
