Agriculture News
Hot, dry weather in the Upper Midwest and Western Corn Belt drew down corn and soybean ratings, with too much moisture slowing winter wheat harvest. Find more highlights from today’s crop progress and condition update.
Corn, soybean and spring wheat CCI ratings are all below their respective five-year averages for this point in the growing season.
![“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)
Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected.
USDA upped the ante this year by providing greater incentives like higher rental payments as part of the Biden administration’s all-of-government approach to tackling climate change.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Grain and soy futures are under hefty pressure on improved rain chances in the coming weeks. Feeder cattle futures are sharply higher with fat cattle near unchanged. Lean hog futures are under pressure.
Private analytics firm IHS Markit trimmed its 2021 U.S. corn planted acreage estimate by 310,000, dropping it to 96.54 million acres, which is still above most private forecasts.
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Conab now estimates Brazil’s total corn crop at 69.96 MMT. That compares to USDA at 98.5 MMT.