First Thing Today Audio | September 23, 2021
Corn futures are a penny or two lower after a quiet overnight session. Soybeans are up 2 to 3 cents, and winter and spring wheat futures are up 3 to 5 cents. The U.S. dollar index and crude oil futures are both slightly lower.
In a special report, World Weather Inc. said fall and winter wheat are likely to perpetual dryness from Canada’s Prairies through the U.S. Great Plains and southwest into the southern Rocky Mountain region, the southwest desert region and southern California. If that occurs, water levels on the Missouri River could drop quite low during late winter and spring of 2022.
President Joe Biden on Wednesday met with Democratic leaders, as well as groups of Democratic moderates and progressive (far-left) lawmakers on both the infrastructure and reconciliation bills in an attempt to find common ground within his party. There was discussion of a number less than $3 trillion for the human infrastructure measure, which is where many Democrats believe the reconciliation package will end up.
It’s not yet official, but the Senate is likely to wait until Monday to vote on the government funding bill that would keep agencies open until Dec. 3. Because that legislation includes a provision suspending the debt limit until December 2022, Senate Minority Leader Mitch McConnell (R-Ky.) and his GOP colleagues will block it from being considered.
While Senate Agriculture Committee Ranking Member John Boozman (R-Ark.) and other Republicans have complained about being shut out of the process Democrats have used to make spending decisions about funds under the control of the Agriculture Committees in the budget reconciliation package, Senate Agriculture Committee Chair Debbie Stabenow (D-Mich.) said Wednesday that the Republican minority will welcome the additional funds when it comes time to write the next farm bill.
China’s National Development and Reform Commission (NDRC) said it would take action to stabilize supply and prices for fertilizer, including the release of potash fertilizer reserves.
Taiwan formally submitted its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday, less than a week after China did the same in what could become an awkward admissions process.
General Mills, the maker of Cheerios cereal and Betty Crocker cake mix has resumed “control tower meetings” and stepped up communications with suppliers, the Wall Street Journal reports, as the company grapples with growing labor, transport and supply-chain costs that are squeezing deliveries and profit margins.
Choice and Select boxed beef values dropped on Wednesday, but movement was again strong. Until the product market stabilizes, it could be tough for cash prices to move higher.
Average hog weights in the Iowa/southern Minnesota market dipped 0.2 lbs. to 281.9 lbs. the week ending Sept. 19, which is 1.7 lbs. above year-ago levels. Of note, the pork cutout value surged $4.16 yesterday, with ham prices surging $15.63.
