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Weather will be the focal point next week as heat is expected to build, especially in the northwestern Corn Belt, where extreme temps are likely. Wheat has taken on a rare summer leadership role.
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Spring wheat futures exploded overnight amid U.S. and Canadian crop woes. USDA announced a daily SRW sale to China this morning.
Extreme heat coming for spring wheat country. Brazil’s corn contract washouts could be the highest since 2016. Xi raises food security to national security concern. Germany confirms its first cases of ASF in farm pigs.
Some profit-taking moved into the corn and soybean markets, while spring wheat continues to rally, pulling winter wheat futures higher in the process. Cattle and hog futures saw a choppy day of trade.
The data signals USDA is likely too high with its soy crush forecast.
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The central and eastern Corn Belt was a battleground of sorts, with some locations seeing improvement with this week’s heavy rainfall, while other locations missed out,” today’s Drought Summary said.
The National Weather Service’s 30- and 90-day forecasts favor continued warm, dry weather for these areas.
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Spring wheat futures posted new highs overnight amid crop concerns and the hot, dry forecast.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/92c7bcd/2147483647/strip/true/crop/840x561+0+19/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
That said, sales of most commodities were in line with expectations and the only net sales reduction was for soyoil.
Another slowdown in crush expected for June, with export sales also out today. Low water levels on Argentina’s Parana River still causing headaches. Chinese pork production hits seven-year high in Q2
Cash hog, pork cutout prices firmed over the past week.
Hot, dry forecasts for August bolstered grain and soy futures.
The U.S. economy displayed “moderate to robust growth” from late May to early July, according to today’s Beige Book released by the Federal Reserve.
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