First Thing Today
Rains for the dry Northern Plains and western Corn Belt are expected to be erratic the next two weeks, with warm temperatures likely to persist. Nevertheless, grain and soy futures are under heavy pressure.
Frosts/freezes over the holiday weekend have grain and soy futures soaring to start the week.
Grain and soy futures traded in a two-sided range overnight. Some expect the harvest of China’s wheat crop to temper its voracious corn buying.
Argentina’s port strike came to an early end. USDA hiked its ag export forecast, reminding of China’s aggressive buys and the Phase 1 trade deal. USTR Tai talked with her Chinese counterpart yesterday.
Corn struggled to rebound overnight. Meanwhile, another strike is underway in Argentina and China took more steps to tighten its control on commodities.