First Thing Today Audio | August 26, 2021

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Corn futures faced light pressure overnight and the market is currently down 1 to 3 cents. Soybean futures are up 5 cents in the front month and down 2 to 4 cents in deferreds. Winter wheat futures have rebounded 5 to 9 cents, while spring wheat futures are 2 to 4 cents higher. The U.S. dollar index is marginally higher and crude oil futures are facing pressure. Markets have been boosted by signs Delta variant cases could be peaking.

Argentina has formed a new government agency to manage dredging operations along the Parana River, a key thoroughfare for transporting around 80% of the country’s grain exports from farm country out to sea. Until now, cargo ships have paid tolls directly to the private dredging company tasked with keeping the river open.

Representative Cheri Bustos (D-Ill.) and five other Democrats and Republicans introduced legislation Tuesday aimed at increasing the use of low-carbon, high-octane fuels including ethanol to improve vehicle efficiency and performance, as well protect the environment and public health.

Indonesian authorities had planned to hike the mandatory bio-content in its palm oil-based biodiesel from 30% to 40% in July, but when that will occur is up in the air due to the high price of vegetable oil.

South Korea became the first big Asian economy to raise interest rates since the start of the pandemic. Record household debt and rocketing property prices outweighed fears over Seoul’s struggle to contain the Delta coronavirus variant.

U.S. and allied planes flew an additional 19,200 people out of Kabul in the past 24 hours, but more than 10,000 people were still inside the international airport awaiting flights out of the country. The State Department says up to 1,500 Amercians are still seeking to leave Afghanistan.

The West African country of Benin has reported an outbreak of highly contagious H5N1 avian flu in two districts near its capital of Porto Novo. This comes soon after Ivory Coast identified the disease last week near its commercial capital of Abidjan.

An Oregon ballot initiative (Initiative Petition 13, or IP13) is proposed for 2022 that would classify slaughter of animals as aggravated abuse, would redefine artificial insemination and castration as sexual assault and would classify tethering of an animal as neglect.

Live and feeder cattle futures saw a mix of followthrough buying and profit-taking on Wednesday, resulting in a mixed finish, with October live cattle above $130 but well off this week’s highs. Cash cattle action was quiet yesterday. There was some light trade at $120 in Texas.

Sliding pork prices have limited buying in the lean hog market to corrective gains this week, with traders uncertain regarding retail demand strength heading into fall when supplies will rise.


 

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