First Thing Today
Strong September jobs report expected. Onslaught of late-season rains for northern China raises quality concerns. Senate passed a short-term extension of the debt limit. Waiver system for pork processing line speeds
Global food prices up nearly a third from year-ago. Farm optimism slides as inputs rise, ag trade prospects dim. Debt limit ceasefire. Russia offers to ease Europe’s gas crisis, with stipulations.
Attaché: China to bring in 30 MMT of corn in 2020-21 & 20 MMT in 2021-22. Biden: ‘Real possibility’ Dems could revise Senate rules to counter filibuster. PCR sales soared in Wuhan before first official Covid-19 cases.
Cordonnier maintains U.S. crop estimates, notes ‘surprisingly good’ bean yields. Russian wheat prices still rising. Another Chinese developer has fallen into crisis. Biden warns U.S. could default, blames McConnell.
Soybeans drop to a six-month low. Dry weather holding back winter wheat planting in Russia. Canadian canola exports down sharply from year-ago. Biden administration to lay out China trade policy.
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.