First Thing Today
Corn, soybean CCI ratings continue to decline. Worries about what another La Nina-plagued growing season might mean for South America. Some Senate Republicans urge EPA to set 2021, 2022 RVOs below ethanol “blend wall.”
Dry Northern Plains, western Corn Belt welcome rain. Reports signal EPA sending proposed RFS levels to OMB for review. Biden tries to limit political and real damage of Afghanistan withdrawal.
Highlights from Day 4 of our Crop Tour. Some rains fall in far western Corn Belt. Survey finds continuing strong rural economy. Choice beef takes out June highs.
Day 3 Crop Tour results. Much anticipated rains expected to move into Northern Plains today, Canada records first frost. Beef processing margins near $1,000/head.
Day 2 Crop Tour results. Rain still in the forecast for the Northern Plains, Canada’s Prairies. China’s YTD grain imports up sharply from 2020. FOMC minutes due to with focus on tapering discussion.
Day 1 Crop Tour results for South Dakota and Ohio. Biden defends withdrawal amid deadly chaos in Afghanistan. China’s sow herd contracts for first time in nearly two years.
Pro Farmer Crop Tour begins. Rain chances for the Midwest and Northern Plains later this week. Argentina reroutes funds to help with low water along the Parana River. Big jump for pork values on Friday.
Friendly USDA data lifts corn, soybean and wheat. Argentine exchange expects soybean plantings to slide for sixth year in a row. Moderate Democrats pressure Pelosi to take up physical infrastructure package.
USDA’s WASDE and Crop Production Report out at 11:00 a.m. CT. China trims soybean import projection for 2020-21. Low water levels on Parana River could get worse before it gets better.
Stifling summer heat stretches from coast to coast. Heat and dryness remain problematic in Canada. House to cut recess short, take up Democratic budget plan. Delta variant is threatening China’s economic recovery.