“Producers in June were less optimistic about both current conditions on their farming operations as well as their expectations for the future,” with the former driving the decline, according to today’s report.
Inspections of corn and soybeans were in line with expectations the week ended July 1, though expectations for soybean shipments were admittedly light. Wheat inspections fell just short of expectations.
Rain ahead for U.S. Northern Plains and Midwest as well as the Canadian Prairies. Cordonnier lowered his U.S. corn and soybean yield estimates, as well as his corn crop projections for Brazil and Paraguay.
The D.C. Circuit Court overturns year-round E15. Brazil’s ship lineup for corn down 54% from year-ago. And job growth surges in June. Find more afternoon news updates.
Grain and soy futures are rising ahead of long holiday weekend. The focal point today is the June jobs report. Meanwhile, a USDA attaché expects Chinese imports of corn to slow notably in 2021-22.
Recent rains did little to budge drought in Upper Midwest and Northern Plains. Soybean crush a bit higher than expected for May. StoneX slices its Brazilian corn crop estimate again.
A stalled frontal boundary brought widespread, heavy rain and flash flooding to parts of the lower Midwest. But the Upper Midwest largely missed out on the heaviest rains, maintaining drought concerns.
The bulk of these big new-crop soybean sales was known via USDA’s daily reporting service. Old-crop sales were light, as expected, but they were able to stay in positive territory.
Corn and beans rallying on bullish acreage data. Monthly soy and corn processing reports out today. TPA expires with little fanfare and the U.S. and Taiwan restarted trade talks.
Corn planted acres climbed from March intentions, but by around 1.1 million acres less than analysts expected. USDA’s June 1 stocks estimates came in on the friendly side of expectations for corn, soybeans and wheat.
June Acreage Report, Quarterly Grain Stocks out today. Rains limit frost damage in Brazil’s northern Parana, with another frost/freeze expected tonight. A bipartisan low-carbon biofuels bill will be unveiled today.
StatsCan calling for big jump in canola acres, smaller wheat planted area. China announces more corn auctions. And a look at how infrastructure/reconciliation measures might play out.
But today’s update also featured upside revisions to USDA’s initially reported soybean and especially corn export inspections for the week ending June 17.
It was a wet weekend for the Midwest, but a dry, warm forecast for the Upper Midwest with heat moving into the Northern Plains keep weather concerns close at hand.
Inside you'll find weather updates, both sides of the livestock pricing issue, an update on an infrastructure deal and market-by-market analysis and marketing advice.
Heavy rain and storms are on tap for southern and eastern areas of the Midwest. The infrastructure agreement faces some high hurdles reaching the finish line. USDA's monthly Cattle on Feed Report is out this afternoon.
Severe thunderstorms affected parts of northern Illinois, northern Indiana, northern Ohio, and southern Michigan on Sunday. But other Midwest areas continued to dry out.
Corn sales were near the midpoint of expectations, with exports holding strong. Old-crop soybean sales were near the upper end of expectations, but new-crop sales fell short. Wheat sales also met expectations.
Corn is hitting new lows for the month, with soybeans also under pressure. Sellers continue to dominate lean hog market and limits expand ahead of USDA's weekly export sales update and its Quarterly Hogs & Pigs Report.
While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN's survey work.
Welcome rains fell in Iowa, but western areas of the state again missed out. Levels of South America's Parana River remain problematic. Fed Chair Powell said high prices should wane. Higher cash cattle trade picks up.
Frozen pork stocks stood at 461.14 million lbs. at the end of May, which was a 4.22-million-lb. (0.9%) build from April versus the usual 34-million-lb.-retreat for the month.
Spring wheat soars amid a dive in condition ratings. Cordonnier sticks with his U.S. crop estimates, but he cut Brazil's corn crop. Farm-state lawmakers want biofuel provisions to be wrapped into infrastructure package.
Spring wheat ratings plummeted, and corn came in lower than expected. Find more highlights from today's weekly Crop Progress and Condition Report here.
Refinitiv Commodities Research says trade flow data signals China will likely import 11.6 MMT of soybeans during June, which would be an all-time monthly high.
Midwest rains are weighing on grain and soy futures. Chinese imports of Brazilian beans picked up in May. And Biden's opposition to a gas tax proposal and Democratic infighting could derail latest infrastructure effort.
China’s state-owned importers bought at least eight cargos (480,000 MT) of U.S. soybeans, today, two traders familiar with the deal toward Reuters. And that tally could climb even higher.
A weather market is in full swing, with commodities diving the past week. Inside this week's letter you'll find plenty of updates on the forecast, crop conditions (crop comments are back!) and Washington happenings.
Volatility is here. Money flow will be key to market action moving forward. China remained an aggressive importers of grains and pork during May, despite high prices. Refiners appear to be betting on a blending reprieve.
Warm, dry conditions prevailed in northern and western areas of the Midwest the week ending June 15, resulting in the “widespread worsening of drought and dryness,” according to today’s National Drought Monitor.
Export sales of corn were light, as expected, but old-crop sales did manage to stay in positive territory. Wheat sales were also near the lower end of expectations. Total soybean sales fell short of 72,000 MT.
Hot, stormy weather is expected for the Midwest, pressuring grain and soy futures. A bipartisan infrastructure plan gains support. And Biden and Putin agree to disagree at their summit yesterday.
Some buying returned to grain futures overnight. Markets will zero in on the Fed today and whether it bumps up its timeline for higher interest rates. Meanwhile, China is reporting its sow herd is near pre-ASF levels.
China to auction off a small amount of corn. NOPA crush once again comes in lighter than expected. Late safrinha corn harvest presents challenges for Brazilian producers.
