First Thing Today
This morning report highlights the overnight trading session and key domestic and global developments impacting markets.
Transportation expert comments on Hurricane Ida destruction. Russia could extend mineral extraction tax to fertilizer. Indian monsoon rains expected to pick up. Litigation, confusion follow overturning of water rule.
CHS says it could be up to a month before power restored at its Louisiana grain terminal. Consultant cuts Brazilian corn crop. Covid-19 hits China’s service sector. Final U.S. military plane left Kabul.
More rain for northern areas of the Midwest, Ida causes limited crop damage. IKAR reports Russian wheat prices still climbing. The real price tag of “social” infrastructure measure.
More rain for the Midwest, Delta producers brace for Hurricane Ida. Big jump in Russian wheat export duty. Fed’s annual Jackson Hole Symposium underway. China’s pork imports will rise in 2022.
Light pressure on corn and soybeans, but wheat bounces back. Bipartisan House bill would promote ethanol use. Philippines approves Golden Rice for commercial use. Beef prices soften for second day in a row.
Another round of rain for dry areas of the Midwest. House approves budget resolution. Biden said he planned to stick to his Aug. 31 deadline for military withdrawal. Month-plus streak of beef gains comes to an end.
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.
Cordonnier holds U.S. corn and soybean yield projections steady after recent rain. Senate Democrats on Monday unveiled a $3.5 trillion spending plan. Information regarding aid for contract hog producers could come soon
Commodity trade keeping an eye on tumbling crude oil futures. Weekend rains lighter than expected for much of the western Corn Belt. Sanderson Farms announces $4.53 billion sale to Continental Grain.
July jobs update awaited. Temp swings stressing Argentine wheat, but not enough to lower crop prospects. China to release reserves of commodities ‘essential for livelihood,’ takes more steps to control hog supply.
Global food prices dip in July. Shipping container rates soar. A top Federal Reserve official said higher interest rates could come as soon as early 2023. Boxed beef prices still roaring higher.