First Thing Today Audio | June 10, 2021
Corn futures are up 1 to 4 cents, with the July contract coming within ½ cent of the $7.00 level. Soybeans are trading midrange and up 5 to 8 cents. Spring wheat futures are steady to a penny higher. SRW wheat is down 6 cents and HRW wheat is 1 to 2 cents lower. The U.S. dollar index and crude oil futures are marginally higher.
Another round of “meaningful” rain is likely for the Northern Plains and Canada’s eastern Prairies Thursday into early Friday, according to World Weather Inc. Some damaging winds and locally large hail may accompany the line of thunderstorms.
USDA is expected to trim its old-crop corn carryover estimate by 50 million bu. to 1.207 billion bu. and its new-crop carryover forecast by 84 million bu. to 1.423 billion bu. in its 11:00 a.m. CT Supply & Demand Report today, according to analysts polled by Reuters. Old-crop soybeans carryover is expected to inch higher to 122 million bu. while new-crop carryover is expected to rise 6 million bu. to a still-tight 146 million bushels.
The Food and Agriculture Organization of the United Nations says the World food import bill will surge 12% from last year’s high.
China has issued counter-sanctions in response to sanctions from the U.S., the EU, Britain and Canada over Beijing’s political crackdown in Hong Kong and treatment of ethnic minorities in Xinjiang.
Speaking to U.S. military personnel after landing in England, President Joe Biden said he would use the summit to urge allied nations to play a larger role in addressing the coronavirus and other problems like climate change.
El Salvador’s Legislative Assembly has approved a bill making the cryptocurrency bitcoin legal tender in the country, the first nation to do so, just days after the nation’s President made the proposal at a Bitcoin conference.
JBS USA paid the equivalent of $11 million in ransom after a Russia-linked cyberattack disrupted its operations in North America and Australia, the CEO said in a statement.
National Pork Producers Council (NPPC) officials said convincing the Biden administration to appeal a court decision curbing line speeds at several pork processing plants and a legal challenge to California’s Prop 12 animal welfare rules remain the group’s top priorities.
Live cattle futures settled narrowly mixed at midweek and feeders reversed early gains after nearby corn contracts turned higher. So far this week, cash trade has ranged from $119.50 to $122, with the bulk of trade occurring near the lower end of that range.
Hogs settled mixed through the summer contracts and slightly lower in deferred months on Wednesday. The pork cutout value edged 56 cents lower yesterday and movement slowed. Cash hog bids climbed an average of $2.66 nationally on Wednesday.
