Agriculture News
The department’s higher soybean crop estimate was in line with expectations, but its cotton production estimate came in quite a bit higher than the market anticipated.
Corn and soybean inspections dropped sharply, as expected, due to impacts from Hurricane Ida.
Corn and wheat futures are under light pressure with soybeans mixed with a lower bias. Fat cattle futures are higher to open the week with feeders and lean hogs under pressure.
Slightly firmer tone in grain and soy futures coming out of the extended holiday weekend.
China’s July pork shipments from the U.S. plummeted 62.2% from year-ago.
Download this week’s letter here.
This week’s National Drought Monitor reflected widespread improvement across areas of the Midwest and eastern parts of the Central and Northern Plains in response to beneficial rainfall.
Corn and soybean basis and cash prices plunged over the past week.
The reporting period preceded Hurricane Ida. New-crop sales of soymeal were also impressive at nearly 400,000 MT.
The Renewable Fuels Association supports EPA’s reevaluation of the exemptions, but it objects to EPA’s remand request.