Agriculture News
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.
Cash prices generally strengthened for grains, soybeans.
“Active weather prevailed across much of the South, East, and Midwest, as well as parts of the Plains, into the middle of July, followed by a southward shift in widespread shower activity,” today’s report says.
On the other hand, wheat sales climbed in the face of rising futures prices, with USDA also reporting a small but unexpected sale for 2022-23.
Corn and soybean basis remain much stronger than normal.
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.