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Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
Steps ahead for infrastructure measures/reconciliation | CEO of WH Group steps down
USDA will release corn and soybean crop estimates today, China lowers soybean import projection and economists expect inflation to persist...
Ahead of the Open | August 12, 2021 Corn, soybean futures trading slightly lower, wheat firmer as trade awaits key USDA reports.
But exports of the oilseed hit a marketing-year low.
USDA’s WASDE and Crop Production Report out at 11:00 a.m. CT. China trims soybean import projection for 2020-21. Low water levels on Parana River could get worse before it gets better.
Cash wheat prices firm, though HRS values ease from their elevated levels.
Corn and soybean basis continues to slide, but cash prices for both rose this week.
Grain and cotton futures posted a generally muted showing Wednesday ahead of Thursday’s important USDA reports. Cattle futures slipped along with recent cash losses, whereas fall hog futures posted a strong rebound.
Hot, humid weather continues over the Corn Belt, the $3.5 trillion spending package narrowly moves forward and GOP leaders weigh in on raising the debt ceiling...
Inflation settles at high rate as prices leap 5.4% from a year ago
Ahead of the Open | August 11, 2021 Soybean futures seen higher on export optimism, corn firmer ahead of critical USDA reports.
Stifling summer heat stretches from coast to coast. Heat and dryness remain problematic in Canada. House to cut recess short, take up Democratic budget plan. Delta variant is threatening China’s economic recovery.
The data is also expected to remind of the thin supply cushion for both crops.
After the Bell | August 10, 2021 Wheat futures end higher on bullish global supply-demand outlook, soybeans gain on export optimism.
The statistics agency also cut its soybean export forecast by 3.3 MMT and warned further cuts could be coming.
USDA daily export sales | Vilsack pressed on hog producer aid | Belarus sanctions/potash
Cordonnier holds crop estimates steady again, the Senate is expected to clear the physical infrastructure bill today and Yellen urges a debt ceiling increase...
Ahead of the Open | August 10, 2021 Corn futures expected to start lower after USDA crop ratings improvement, soybeans up on export hopes.