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Grains, soybeans expected to drop sharply as weekend rain aids Midwest crops.
Midwest rains are weighing on grain and soy futures. Chinese imports of Brazilian beans picked up in May. And Biden’s opposition to a gas tax proposal and Democratic infighting could derail latest infrastructure effort.
Davis Michaelsen brings in the big guns and talks with Chip Flory after a wild week of trade...
After the Bell | June 18, 2021 Corn, soybeans surge amid lingering Midwest dryness, cattle up on firm cash market.
China’s state-owned importers bought at least eight cargos (480,000 MT) of U.S. soybeans, today, two traders familiar with the deal toward Reuters. And that tally could climb even higher.
We project total corn and soybean plantings at a record 182.3 million acres, which is the exact total we estimated in March and would be up 8.4 million acres from last year and 2.0 million acres more than the 2017 peak.
A weather market is in full swing, with commodities diving the past week. Inside this week’s letter you’ll find plenty of updates on the forecast, crop conditions (crop comments are back!) and Washington happenings.
Ahead of the Open | June 18, 2021 Grain, soybean futures expected to open sharply higher as Midwest dryness concern lingers.
Volatility is here. Money flow will be key to market action moving forward. China remained an aggressive importers of grains and pork during May, despite high prices. Refiners appear to be betting on a blending reprieve.
Nearly half of rural bankers report their local economy grew in May to June.
The National Weather Service is calling for above-normal temperatures over most of the country during the July through September period.
Warm, dry conditions prevailed in northern and western areas of the Midwest the week ending June 15, resulting in the “widespread worsening of drought and dryness,” according to today’s National Drought Monitor.
Ahead of the Open | June 17, 2021 Soybean futures extend slump to seven-week lows on Midwest weather, corn, wheat also down.
Export sales of corn were light, as expected, but old-crop sales did manage to stay in positive territory. Wheat sales were also near the lower end of expectations. Total soybean sales fell short of 72,000 MT.
Hot, stormy weather is expected for the Midwest, pressuring grain and soy futures. A bipartisan infrastructure plan gains support. And Biden and Putin agree to disagree at their summit yesterday.
After the Bell | June 16, 2021 Crop-friendly weather outlook sends soybean futures to seven-week lows, hogs down daily limit.
The Fed cited an improving economy and dropped its longstanding reference that the Covid-19 pandemic was weighing on the economy.
USDA to offer aid if the pork markets are impacted by line speed case.