"The Well, the Wealthy, and the Worried are the folks who think they can afford to overlook the incredible benefits of GMOs," writes Bill Horan, an Iowa farmer, in this guest post.
Tyson Foods Inc. reported stronger-than-expected earnings for the third quarter, but the company says it cannot increase prices for chicken and prepared foods fast enough to keep pace with rising raw material prices
Corn inspections were more than halved compared with the week prior, with inspections coming up well short of expectations. Soybean inspections were also light and near the lower end of expectations.
Conditions were mixed for the Midwest the week ending Aug. 3, with heavy precipitation again favoring southern and eastern areas of the Midwest, with little to no rain in the Upper Midwest.
Old-crop sales of the grain were light, but in line with expectations. Wheat sales fell short of expectations. Soybean sales were in line with expectations, with new-crop business perking up a bit.
The amount of corn inspected for export handily topped expectations and the tally nearly doubled the year-ago figure. In addition, last week’s number was also revised nearly 150,000 MT higher.
In Kenya, farmers can’t spend much time thinking about the UN’s sustainable development goals, let alone striving to meet them, when we don’t have a good sense of whether it will rain next week.
Fed Chair Jerome Powell said the Fed is still a ways away from considering raising interest rates, though he did acknowledge near-term risks to inflation are to the upside.
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.
Corn inspections were also decent and above 1 MMT. Soybean inspections were near the upper end of expectations, though the overall tally was still pretty light.
Corn soybean and wheat futures open the week under pressure on Friday’s poor closes and overnight pressure. Cattle futures are firmer on USDA’s Cattle Inventory Report, out Friday. Hog futures are mildly softer.
“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.
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.
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.