First Thing Today
This morning report highlights the overnight trading session and key domestic and global developments impacting markets.
Welcome moisture for HRW wheat areas. Soybean crush expected to hit four-year low for August. Russian wheat tariff will hit a new high next week. Euro-zone inflation hits highest level in 13 years as energy prices soar.
Light buying as market readies for USDA reports that have historically sparked volatility. China’s official PMI dips into contraction territory. Lawmakers to vote on measure averting a government shutdown today.
CHS’s Myrtle Grove terminal reopens. Cyclone damages Indian crops. Senate preparing ‘clean’ stopgap spending measure to fund government agencies until Dec. 3. Argentina lifts cap on beef exports.
Cordonnier cuts U.S. corn yield estimate. CNGOIC official expects strong Chinese grain imports in 2021-22. World Weather says western HRW wheat areas should see some dryness relief this week.
Analysts expect record Brazilian bean crop of nearly 144 MMT. Drying to worsen on the U.S. Plains, Canadian Prairies. More than 12,000 migrants from Del Rio surge have been released into U.S. Bullish H&P Report Friday.
Rains have Argentine corn planting off to a quick start, but more needed. China the lead buyer of Australian wheat, despite tensions. Likely outcomes for key congressional issues.
Warm, dry fall and winter could lead to low water levels on the Missouri River. When will Senate vote on combined CR/debt suspension bill? China lowers sow herd target in five-year plan.
Hurricane Ida made a thin input supply situation worse. Fed focus is on taper timing amid mixed economic signals. CR with debt suspension bill clears House but expected to be defeated in Senate.
Cordonnier warns his U.S. corn & soybean yield forecasts may fall. Gulf terminals slowly coming back online. Inflation will continue to rise over the next two years. Cattle hold up well in the fact of economic jitters.
China’s wheat imports reach highest level in more than two decades. Russian wheat export prices climb for 10th consecutive week. Possibility of a debt default rattles the market.
Russia lowers tariff on wheat exports for first time in a month. Biofuel producers pushing for modeling change regarding SAF tax credit eligibility. Pork prices have turned up, but cash market remains under pressure.
Strategie Grains calling for tighter global wheat supplies. Business Roundtable sounds alarm on debt ceiling; Yellen calls McConnell. POET pledges its ethanol will reduce emissions at least 70% vs. gasoline by 2030.
Nicholas expected to stall over Louisiana, storms possible in the Ohio Valley. Another light NOPA crush expected to close out marketing year. Pork prices surge.
Cordonnier’s corn & bean crop forecasts edge higher. ABARES expects record-setting ag exports for Australia. Neiffer weighs in on proposed tax changes. Nearly 50% of U.S. offshore oil production remains out of service
Tropical storm headed for Texas, Typhoon to disrupt shipments out of key Chinese ports. Russian wheat export prices continue to climb. Four-page document includes details of $3.5 trillion reconciliation package
Bigger corn, soybean crop estimates expected. ADM expects to resume export loadings at two Louisiana terminals by month’s end. Russia again hikes tax on wheat exports. Lawmakers announce bill to restore beef MCOOL.
Hurricane Ida disrupting flow of grains, oilseeds to Asian buyers. Trucker strike in Brazil having limited impact on grain exports so far. Price pressures, slowing rate of growth in U.S. economy keys in Beige Book
Corn and soybeans recouped a portion of Tuesday’s sharp losses in corrective trade overnight.
August jobs report on tap. StoneX raises U.S. corn and soybean yield forecasts after welcome rains. Russia has once more hiked its weekly tax on wheat exports. Manchin to Dems: Hit ‘pause’ on Biden’s $3.5 trillion plan.
Storm damage, power outages keeping all southern Louisiana terminals closed. Argentine producers consider grain and cattle trade strike to protest restrictions on beef exports. Brazil investigating suspected BSE case.