Will Putin Play Another Oil Trade Card if Sanctions Cap Price Paid for Russia Oil?

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Germany posts first trade deficit since 1991

 

                                                In Today’s Digital Newspaper

 

Russia is claiming to have taken control of Lysychansk, the last city in the Luhansk region in eastern Ukraine that was still under Ukrainian control. Russian Defense Minister Sergei Shoigu reported to President Vladimir Putin that the military had taken over Lysychansk and several nearby settlements, according to the country's Ministry of Defense.

Ukraine has indicated it needs $60 billion-$65 billion this year to meet its funding requirements including emergency budget assistance and logistics infrastructure projects, billions more than its allies have so far pledged. The figure, which excludes defense and security spending, is part of a larger blueprint for reconstruction that’s estimated to exceed $750 billion over the next decade.

Sanctions hurt Russia, but Putin also threatens food supplies. German Chancellor Olaf Scholz told CBS’ Face the Nation that the West’s sanctions are really hurting Russia’s Vladimir Putin, because Russia needs the world’s technologies to maintain its standard of living and to grow its economy, even if Putin won’t admit it. Blocking Ukraine’s ports with warships, destroying its grain infrastructure, and seizing farmland and Ukrainian wheat are part of Russia’s strategy to use “food as a weapon” to negotiate for sanctions relief and wield influence, said Cary Fowler, the U.S. special envoy for global food security. Scholz said the food shortages and rising energy prices worldwide are the direct consequence of “Russia’s aggression against Ukraine and the war he is imposing.” He also said Putin has the means and the will to continue the war “a long time.” Scholz said Germany and other countries are collecting money to deliver food to the poorest countries. The Group of 7 leaders have pledged $4.5 billion — including $2.76 billion from the U.S. — to battle food insecurity among more than 47 countries and regional organizations.

Volodymyr Zelenskyy, Ukraine’s president, said that he has asked Turkey and the United Nations to ensure the security of grain leaving the country’s ports. Ukraine, which is one of the world’s leading grain exporters, has accused Russia of blocking its ships, exacerbating a global food crisis. Zelenskyy said 22 million tonnes of grain are currently stuck, and that in the autumn that figure might rise to 75 million tonnes.

The U.S. economic report highlight this week will be the June jobs report from the Bureau of Labor Statistics on Friday. On average, economists are expecting a gain of 250,000 nonfarm payrolls, after an increase of 390,000 in May. The unemployment rate is expected to remain at 3.6%. Meanwhile, the Federal Open Market Committee will release minutes from its mid-June monetary-policy meeting on Wednesday. The central bank raised the federal-funds rate by 75 basis points at that meeting.

The dollar advanced yet again against most of its peers, with gains exceeding 1% against the euro and the Nordic currencies. The euro slumped to the lowest since 2002 on concern that the European Central Bank may not able to raise rates as much as expected, leaving the currency exposed on interest-rate differentials.

Germany just reported a rare monthly trade deficit, a sign that high energy prices are weighing on manufacturers in Europe's export powerhouse. A weaker euro then becomes necessary to make the bloc's exports more competitive.

The U.S. is considering dropping the levies started by Donald Trump in 2018. Chinese Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen on Tuesday spoke by videoconference about topics including American tariffs on Chinese goods. The main argument in favor is that it will relieve the pressure on U.S. consumer prices as gasoline prices hold at around $5 per gallon. Economists see it bringing down the headline inflation rate by about 0.3 percentage points. That isn’t much when the starting point is north of 8%, the highest in 40 years. Equity traders say any move on the tariff front could be good for tech stocks.

Jeff Bezos blasts Biden for blaming gas companies for high pump prices. Bezos chastised President Biden Saturday for either employing “misdirection” or displaying a “deep misunderstanding” of economic fundamentals.

The average price for a gallon of gasoline Friday was $4.84, compared with $3.12 during the same day last year, according to data from OPIS, an energy-data and analytics provider. Yet many drivers aren’t changing their pump habits much, despite the 55% on-the-year increase.

West Coast port labor talks head into overtime. The employers rejected calls to extend their contract that was expired, but they promised to keep cargo moving without interruption until an agreement is reached.

 

MARKET FOCUS

Equities today: Global stock markets were mixed overnight, with Asian shares mostly up and European shares mostly down. U.S. Dow opened just over 400 points lower and are currently around 560 points lower as fears about economic growth appeared to outweigh previous optimism about the U.S. possibly relaxing tariffs on China. The euro sank to a 20-year low per dollar as investors pared bets on ECB hikes. The dollar rose against all major currencies. Treasuries were lower for the first time in a week.  Meanwhile, bitcoin was trading below $20,000. In Asia, Japan +1%. Hong Kong +0.1%. China flat. India -0.1%. In Europe, at midday, London -1.1%. Paris -1.3%. Frankfurt -1%.

     U.S. equities Friday: The Dow closed up 321.83 points, 1.05%, at 31,097.26. The Nasdaq gained 99.11 points, 0.90%, at 11,127.95. The S&P 500 rose 39.95 points, 1.06%, at 3,825.33. Trading volume was among the slowest this year, with 4.058 billion shares changing hands on the New York Stock Exchange, according to the Dow Jones Market Data Group, versus the typical daily volume closer to 5 billion shares. Thin volume tends to magnify market moves.

     For the week: All three major market indexes posted losses, with the Dow edging 1.3% lower, the S&P sank 2.2%, and the Nasdaq fell 4.1%. Bond yields continued their recent retreat, with the benchmark 10-year Treasury dropping 24 basis points for the week to close at 2.89%, after sliding to as low as 2.80%. World Indices: London -0.6% to 7,169.
France -2.3% to 5,931. Germany -2.3% to 12,813. Japan -2.1% to 25,936. China +1.1% to 3,388. Hong Kong +0.7% to 21,860. India +0.3% to 52,908.

Agriculture markets Friday:

  • Corn: December corn futures fell 12 1/4 cents to $6.07 1/2, the contract’s lowest closing price since Feb. 28 and a drop of 66 1/2 cents for the week.
  • Soy complex: November soybeans plunged 62 3/4 cents to $13.95 1/4, the contract’s lowest settlement since $13.92 3/4 on Feb. 3 and a drop of 29 cents for the week. August soymeal plummeted $13.40 to $422.10 and August soyoil fell 258 points to 64.43 cents.
  • Wheat: September SRW wheat futures fell 38 cents to $8.46, down 90 1/2 cents for the week and a four-month closing low. September HRW wheat fell 38 1/4 cents to $9.13 1/2, down 85 3/4 cents for the week. September spring wheat fell 42 cents to $9.48, down $1.22 1/2 for the week.
  • Cotton: December cotton fell 136 points to 97.48 cents per pound, down 57 points for the week.
  • Cattle: August live cattle surged $2.025 to $134.60, the highest closing price since June 22 and up $1.225 for the week. August feeder futures fell 90 cents to $174.50, up $2.00 on the week. Live cattle gained behind strength in the cash market, which climbed to the highest levels since 2015.
  • Hogs: August lean hogs rose 87.5 cents to $102.975, down $3.80 for the week.
     

Ag markets today: Grain markets resumed trading at 7:30 a.m. ET following the holiday weekend. Livestock markets also opened at 7:30 a.m. ET. The U.S. dollar index is more than 1,100 points higher this morning, trading at the highest level since late 2002. Front-month U.S. crude oil futures are around 50 cents lower this morning.

Technical viewpoints from Jim Wyckoff:

     July 5 Corn

     July 5 Soybeans

     July 5 Crude

     July 5 Bonds

     July 5 Gold

On tap today:

     • U.S. factory orders for May are expected to increase 0.6% from the prior month. (10 a.m. ET)
     • USDA Grain Export Inspections report, 11 a.m. ET.
     • USDA Crop Progress report, 4 p.m. ET.

“Moderating commodity prices are clear evidence that inflation is cooling,” said Louis Navellier, chief investment officer at Reno, Nev., money manager Navellier & Associates, in a Wall Street Journal item (link) that concludes oil, wheat, natural gas, lumber, corn and other raw materials “ended a tumultuous quarter near or lower than March prices.”

     Timber

     JPMorgan Chase & Co. commodity strategist Tracey Allen said about $15 billion moved out of commodity futures markets during the week ended June 24. It was the fourth straight week of outflows and brought to about $125 billion the total that has been pulled from commodities this year, a seasonal record that tops even the exodus in 2020 as economies closed.

      Cotton prices unraveled, losing more than a third of its price since early May. Benchmark prices for building materials copper and lumber dropped 22% and 31%, respectively.
     Off peak

Germany posts first trade deficit since 1991. Germany, Europe’s largest economy, registered its first monthly trade deficit since 1991 in May. German imports rose 2.7% on the month, more than economists had expected, while exports fell 0.5%. The divergence led to a gap of €1 billion ($1.04 billion), which hadn’t been seen since just after the country reunited more than 30 years ago. Germany is a net importer of energy, especially natural gas. Prices for imports, including food and manufacturing parts, rose by 30% on the year, while prices charged for exports climbed 15%. Warning on Monday that Germany faced a “historic challenge,” chancellor Olaf Scholz added that “the crisis won’t pass in a few months” because Russia’s war in Ukraine “has changed everything, and supply chains are still disrupted by the pandemic.” Scholz was speaking after talks with trade union leaders, economists and employers’ groups aimed at tackling the cost-of-living crisis. Rainer Dulger, head of the Confederation of German Employers’ Associations, said after Monday’s meeting held by Scholz that Germany was facing the “toughest economic and social crisis since reunification… Difficult years lie ahead of us,” he added. “We can no longer take for granted the continuous economic growth that we experienced before the Covid-19 pandemic and the Ukraine war.”

     Germany trade

Union dockworkers at 29 West Coast shipping hubs were unable to reach an agreement with port employers before the current contract’s expiration on July 1. Both sides have pledged to continue normal operations at ports until an agreement is reached. Still, the prospect of an informal work slowdown has shippers on edge. More than 150 agriculture and business groups are urging the Biden administration to get the two sides in labor talks on West Coast shipping operations to extend their current contract while a new agreement is finalized. The contract between the Pacific Maritime Association (PMA), which represents port operators, and the International Longshore and Warehouse Union (ILWU), which represents dock workers, expires July 1. In a letter (link) to President Biden, the groups also suggested the administration work with the PMA and ILWU to get them to remain at the negotiating table, negotiate in good faith until a new contract is reached and agree not to engage in any activity, such as a strike or lockout, that disrupts port operations. The agriculture and business organizations want to avoid disruptions such as those that occurred in late 2014 into early 2015 at West Coast ports. Work slowdowns then cost the U.S. meat industry millions of dollars in lost export sales.

South Korea’s inflation rate hit a more-than-two-decade high in June, raising the likelihood of a bigger-than-usual interest rate increase by the central bank to curb price increases. The benchmark consumer-price index rose 6% from a year earlier, the fastest since November 1998, the statistical office said Tuesday.

Reserve Bank of Australia delivered its second consecutive 50-basis-point interest-rate rise at a policy meeting Tuesday, noting that inflation risks remain high and that further action to rein in prices is likely in the coming months.

Market perspectives:

     • Outside markets: The U.S. dollar index is sharply higher and hit a 20-year high in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching 2.891%. Recent falling U.S. Treasury yields are one early clue that U.S. inflation may have peaked. Nymex crude oil prices are weaker and trading around $108.30 a barrel. Gold is up slightly to $1,803.40. Copper tumbled to a fresh 17-month low this morning.

     • Good news for Americans traveling to Europe. If you're an American visiting Italy, Greece or Spain this summer after a travel hiatus during the pandemic, you're in luck: Meals, hotels and tours are more affordable in dollars than they've been in two decades. What's happening: The euro has slumped to about $1.03, plunging more than 8% against the U.S. dollar year-to-date. It's now trading at its lowest level since late 2002.

        Euro and dollar

     • European gas prices jump as Norway strikes add to supply woes. Norway’s Equinor is temporarily shutting down three oil and gas fields after workers went on strike, intensifying regional supply troubles and pushing European gas prices to a four-month high.

     • Iran is cutting its oil prices to compete with cheap Russian crude for Chinese buyers: report. Russian crude currently trades at a $20 a barrel discount, so Tehran is cutting prices to compete in the key Chinese market, according to a Bloomberg report (link). Iranian oil has been priced at nearly $10 a barrel below Brent futures to put it on par with Urals cargoes that are scheduled to arrive in China during August, according to traders. That compares with a discount of about $4 to $5 prior to the invasion. Iran’s Light and Heavy grades are most comparable to Urals.

     • An energy-starved world is turning to coal as natural-gas and oil shortages exacerbated by Russia’s war against Ukraine lead countries back to the dirtiest fossil fuel, the Wall Street Journal reports (link). From the U.S. to Europe to China, many of the world’s largest economies are increasing short-term coal purchases to ensure sufficient supplies of electricity, despite prior pledges by many countries to reduce their coal consumption to combat climate change. The global competition for coal — also now in short supply after years of declining investment in new mines and resources — has driven benchmark prices to new records this year.

        Coal use

     • Bezos takes on Biden/White House re: inflation. "My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril," President Joe Biden tweeted over the holiday weekend. "Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now." That brought an outcry from Amazon founder Jeff Bezos, who has been increasingly outspoken on Twitter. "Ouch. Inflation is far too important a problem for the White House to keep making statements like this," he tweeted in response. "It's either straight ahead misdirection or a deep misunderstanding of basic market dynamics."

        The White House pushed back on the criticism. "Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That's not 'basic market dynamics.' It's a market that is failing the American consumer," Press Secretary Karine Jean-Pierre said on Twitter. "But I guess it's not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work."

        A look at the numbers: U.S. oil prices have pulled back over the past month as recession fears have come to the fore. West Texas Intermediate futures, the benchmark, were last trading at about $108.50 per barrel, versus over $118.50 a month ago. That $10 difference is smaller than the White House's number. The average price of a gallon of regular gasoline is $4.80. One month ago, it was $4.85, compared to $3.13 one year ago.

     • Citigroup Inc. warns that crude oil could drop to $65 per barrel by the end of 2022 and could fall to as low as $45 per barrel by the end of 2023 if a recession occurs. The analysts based their outlook on the absence of any intervention by the Organization of the Petroleum Exporting Countries and its allies, along with a decrease in oil investments.

     • California trucking groups say the Supreme Court’s decision to allow new state restrictions on driver classification will take tens of thousands of truck drivers off the road. Link for details.

     • Italy declared a state of emergency in five northern regions in response to the area’s worst drought in 70 years. The drought threatens over 30% of Italy’s agricultural production. Several municipalities have also set restrictions on water usage. The announcement came after a glacier collapsed in the Italian alps, killing seven, as the result of unusually high temperatures.

     • Ag trade: Egypt purchased around 444,000 MT of wheat, including 214,000 MT Russian, 170,000 MT French and 60,000 MT Romanian. South Korea tendered to buy up to 140,000 MT of optional origin corn to be sourced from the U.S., Black Sea/eastern Europe, South America or South Africa. South Korea tendered to buy up to 130,000 MT of optional origin feed wheat, excluding Argentina, Pakistan, Denmark and China. Japan is seeking 122,420 MT of wheat from its weekly tender.

     • NWS weather: Showers and thunderstorms with excessive rainfall and severe weather possible through mid-week from the Northern High Plains to the East Coast... ...Hot in the Southern & Central Plains and Southeast while milder temperatures are expected in portions of the West/Northwest and Northeast.

        NWS 070522

Items in Pro Farmer's First Thing Today include:

     • Russian-held part of southern Ukraine sells grain to Middle East
     • Consultant raises Brazil corn crop forecast
     • Indonesia raises palm oil export quota amid farmer ‘emergency’
     • Germany finds new cases of ASF
     • Weak period for beef demand
     • Summer-month hogs at discounts to cash

 

RUSSIA/UKRAINE

— Summary: Volodymyr Zelenskyy, Ukraine’s president, said his country’s forces had withdrawn from Lysychansk but vowed to “win back the land”. With the fall of the city, Russia claimed full control of Luhansk, an area in the Donbas region. Russia has been trying to drive all Ukrainian troops out of the Donbas, where Russian-backed separatists have been fighting for control since 2014.

  • Russia now controls more than a fifth of Ukraine — much of it cities in name only — but it will need to replenish depleted forces and ammunition as it wages what promises to be a fierce, drawn-out ground war.
  • Ukraine reconstruction cost estimated at $750 billion. The cost of rebuilding battered Ukraine after the war is estimated at $750 billion, but some of those funds could come from the source of the damage, although there are major hurdles with that option. Ukraine President Volodymyr Zelenskyy told the Ukraine Recovery Conference in Switzerland a global effort will be needed for restoration. “The reconstruction of Ukraine is not a local project, is not a project of one nation, but a common task of the entire democratic world — all countries, all countries who can say they are civilized,” Zelenskyy said in a video message. ”Restoring Ukraine means restoring the principles of life, restoring the space of life, restoring everything that makes humans humans.” Ukrainian Prime Minister Denys Shmyhal provided the $750 billion figure and presented a recovery plan for immediate and long-term needs. Shmyhal also said a large source of funding “should be the confiscated assets of Russia and Russian oligarchs,” which he said may currently amount to between $300 billion and $500 billion.
  • Pope Francis, who has condemned the "ferocity'' and "cruelty'' of Russian troops in Ukraine, said he hopes to visit Moscow and Kyiv after his trip to Canada July 24-30.
     

— Market impacts:

  • Ukraine: Turkey has halted Russian vessel carrying looted grain. Turkish authorities have detained a Russian cargo ship accused of carrying stolen grain from Ukraine, a senior Ukrainian diplomat said, as Ankara faces growing pressure from Kyiv to act over the looting of its resources. Vasyl Bodnar, Ukraine’s envoy to Ankara, said on Sunday that the Russia-flagged Zhibek Zholy had been prevented from entering the port of Karasu on northern Turkey’s Black Sea coast. “We have full co-operation with the Turkish side,” he told Ukrainian television. “The ship has been arrested at the entrance to the port.” A decision was expected Monday on how to deal with the vessel, which is the first cargo ship to be loaded at the port of Berdyansk, on Ukraine’s Azov Sea coast, since it was occupied by Russian forces this year. Russia’s Tass news agency reported that the ship had been denied entry to Karasu. Kyiv has said it cannot accept Moscow’s terms for ending the blockade, which include granting the Russian navy the right to inspect ships entering and leaving Ukrainian ports.
  • Despite Russia's claims to the contrary, its invasion is still having "a devastating impact on Ukraine's agricultural sector,'' the British Defense Ministry said in its latest intelligence assessment. The ministry said the Russian blockade of the key port of Odesa in the Black Sea is severely limiting Ukraine's ability to export grain while harvest has begun. In addition, the war has disrupted the supply chain of seeds and fertilizer farmers use. That combination will most likely shrink Ukraine's agricultural exports this year to 35% or less of what they were in 2021, the ministry said, pointing out that drastic reduction from a major wheat producer is contributing to the global food crisis.
  • For the first time ever, the U.S. is sending more liquefied natural gas to the EU than Russia through pipelines. The Kremlin has been cutting flows in recent weeks for the Nord Stream pipeline.
  • As Russia prepares to shut down a major gas pipeline into Germany for maintenance, officials are worried Vladimir Putin’s government could keep the taps off for longer than the July 11-21 period. Some think Russia could cut off Europe for good as nations there continue to support Ukraine’s defense. “We cannot rule out the possibility that gas transport will not be resumed afterwards for political reasons,” the head of Germany’s energy regulator told CNBC.
  • Does Putin hold the best oil trading card? Last week, G7 leaders agreed to work on a plan to cap the price of Russian oil. This would allow the country's discounted barrels to keep hitting the market but reduce Moscow's revenue. Details are still being worked on, but to receive insurance from Western companies for their cargoes, customers like China and India would agree to pay only $50 to $60 per barrel. That would curb income for the Kremlin, which has estimated the price of its export barrels will top $80 by the end of 2022. But JPMorgan's team, including strategist Natasha Kaneva, warns that Russia could retaliate by intentionally curbing oil output as it's done with natural gas. That would send prices through the roof. If it slashed production by 3 million barrels per day, the bank forecasts prices could jump to $190 per barrel. In a "worst-case scenario" of a cut of 5 million barrels per day, prices could hit $380. "If the geopolitical situation requires, it now appears more likely that export cuts could be used as leverage/policy tool, in our view," Kaneva and colleagues wrote this month.

 

POLICY UPDATE

— Biden administration is reportedly considering cutting premiums for federal housing loans. Industry officials are asking the Federal Housing Administration for cuts that would save borrowers $50 to $70 a month, according to the Wall Street Journal. The move comes as home prices are at record levels, and inflation is exacerbating homelessness.

 

PERSONNEL

— Argentina has a new economy minister. President Alberto Fernández appointed leftist economist Silvina Batakis to replace Martín Guzmán, who abruptly resigned on Saturday.


 

CHINA UPDATE

— Canada’s foreign ministry said that the trial of Xiao Jianhua, a Chinese-born Canadian billionaire, was due to begin in China. Xiao disappeared from a Hong Kong hotel in 2017. The exact allegations that he has been charged with have not been made public. Xiao’s disappearance was linked to the anti-corruption crackdown championed by China’s president, Xi Jinping.

— Chinese real-estate developers are accepting wheat, garlic, and peaches as down payments for properties as the market slumps and bond defaults mount. "We are helping farmers with love, and making it easier for them to buy homes," said Central China Real Estate.

— U.S. tariffs on China still a contentious topic. Senior U.S. and Chinese officials discussed U.S. economic sanctions and tariffs Tuesday amid reports the Biden administration is close to rolling back some of the trade levies imposed by former President Donald Trump. U.S. officials are continuing to disagree in public about whether to remove some of the tariffs on China it inherited from Trump. The lifting of tariffs and sanctions and the fair treatment of Chinese enterprises are areas of concern to China, Vice Premier Liu He told U.S. Treasury Secretary Janet Yellen in a video call Tuesday morning Beijing time, according to a statement from China’s Ministry of Commerce. The two officials last spoke in October. The U.S. called the talks “candid and substantive” but the official readout of the meeting didn’t mention tariffs or sanctions. However, it did say that Yellen “frankly raised issues of concern including the impact of Russia’s war against Ukraine on the global economy and unfair, non-market” economic practices by China. Yellen said last month that the administration wanted to reconfigure the tariffs, which “really weren’t designed to serve our strategic interests.” That’s a contrast with U.S. Trade Representative Katherine Tai, who has called the levies “leverage” against China and questioned how much effect removing them would have on inflation.

     Bottom line: Some officials hope the move could ease inflation, but others fear political backlash in an election year.

     China exports
     China tariffs

— Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter. The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared with the first three months of the year. Production fell 15% to 259,000.

— China calls on hog sector to ensure steady supply as prices surge. China’s state planner urged hog producers to ensure steady supplies after prices surged in recent months. Hog prices in the world’s top pork producer are up 50% since early May, driven in part by tighter supplies following a reduction in the breeding herd. But the main reason is “irrational reluctance to sell and secondary fattening in the market,” the National Development and Reform Commission (NDRC) said. Secondary fattening refers to farmers buying market-ready hogs and raising them to heavier weights to benefit from high margins.

 

TRADE POLICY

— The second anniversary of the U.S.-Mexico-Canada Agreement (USMCA) will be the topic of two days of meetings in Vancouver, British Columbia Thursday and Friday. U.S. Trade Representative Katherine Tai, Canadian International Trade Minister Mary Ng, and Mexican Economy Secretary Tatiana Clouthier will mark the occasion with discussions between the three trade chiefs and bilateral meetings are also slated. The announcement from USTR said that “more details will come at a later date,” but expectations are that disputes like those between the U.S. and Canada on dairy will be discussed and U.S. agricultural interests are hoping that biotechnology issues with Mexico will be on the agenda.

 

CORONAVIRUS UPDATE

Summary:

  • Global Covid-19 cases at 550,098,902 with 6,340,322 deaths.
  • U.S. case count is at 87,886,885 with 1,017,915 deaths.
  • Johns Hopkins University Coronavirus Resource Center says there have been 592,269,252 doses administered, 221,924,152 have been fully vaccinated, or 67.35% of the U.S. population.

— New Covid-19 subvariants cause concern in California. In a sign of how the new coronavirus wave continues to spread across California, two-thirds of the state’s counties are now in the high Covid-19 community level, in which the U.S. Centers for Disease Control and Prevention recommends universal masking in indoor public spaces.

 

POLITICS & ELECTIONS


The House committee investigating the Jan. 6, 2021, attack on the U.S. Capitol is expected in hearings this month to zero in on the extremist groups participating in the attack and what took place inside the White House that day.

 

OTHER ITEMS OF NOTE


— At least six people were killed and 38 injured by a gunman at a July 4 Parade in Highland Park, Illinois, which marked the 306th mass shooting in the U.S. since the start of the year.
 

— Gates' purchase of N.D. farmland is okay. The North Dakota state attorney general concluded that the sale of roughly 2,100 acres of farmland to a group tied to billionaire Bill Gates, the largest private owner of U.S. farmland, complies with a state law against corporate farming.

 

— Hot dog champ does it again. Competitive eater Joey Chestnut devoured 63 hot dogs (and buns) in 10 minutes during the Nathan's Famous International Hot Dog Eating Contest.


 

 

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