Agriculture News
Given last year’s pandemic-related disruptions to the cattle herd, the data could receive more market attention than it typically does, with traders likely to take particular note of USDA’s calf crop estimate.
On average, analysts surveyed by Reuters expect USDA’s Cattle on Feed Report to show there were around 11.324 million head of cattle on feed as of July 1, down 1% from year-ago levels.
The Biden administration has delayed its annual rulemaking process regarding its biofuel blending mandates under the Renewable Fuel Standard (RFS) for 2021 (2022 for biodiesel), Reuters says in an exclusive report.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Find highlights from today’s Crop Progress and Condition Report.
The spring wheat CCI rating is now 38.1% below the five-year average for this date.
Pro Farmer Washington Analyst Jim Wiesemeyer and host Chip Flory discuss the highlights of last week in D.C.
Export inspections of corn, soybeans and wheat were all in line with expectations, with the corn tally holding above 1 MMT and wheat inspections nearing 500,000 MT. Soybean futures were light, as expected.
Corn and wheat futures are higher with weakness in the soy oil market limiting buyer interest in soybeans. Cattle futures are under pressure with lean hogs mixed.
Download this week’s newsletter here.
The data signals USDA is likely too high with its soy crush forecast.
Monthly economic condition survey finds continuing strong growth in rural areas of the Midwest.
The central and eastern Corn Belt was a battleground of sorts, with some locations seeing improvement with this week’s heavy rainfall, while other locations missed out,” today’s Drought Summary said.
The National Weather Service’s 30- and 90-day forecasts favor continued warm, dry weather for these areas.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/92c7bcd/2147483647/strip/true/crop/840x561+0+19/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
That said, sales of most commodities were in line with expectations and the only net sales reduction was for soyoil.
Cash hog, pork cutout prices firmed over the past week.
The U.S. economy displayed “moderate to robust growth” from late May to early July, according to today’s Beige Book released by the Federal Reserve.
“A return of La Nina could aggravate an already exceptional drought in south-central Brazil that has resulted in one of the driest periods in over 90 years,” says South American Crop Consultant Dr. Michael Cordonnier.
Livestock and poultry producers who suffered losses during the Covid-19 pandemic due to insufficient access to processing can apply for aid under USDA’s Pandemic Livestock Indemnity Program from July 20 to Sept. 17.