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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.
Ahead of the Open | June 16, 2021 Soybean futures sink near 3-week low with milder weather ahead for Midwest, cattle supported by cash market strength.
Some buying returned to grain futures overnight. Markets will zero in on the Fed today and whether it bumps up its timeline for higher interest rates. Meanwhile, China is reporting its sow herd is near pre-ASF levels.
After the Bell | June 15, 2021 Corn, soybeans extend slide on crop-favoring weather outlook, cattle surge on strong cash.
USDA announced today it will expand the Clean Lakes, Estuaries, And Rivers initiative, called CLEAR30, from a pilot program to a nationwide program.
Members of the National Oilseed Processors Association crushed 163.52 million bu. of soybeans during May, marking the fourth month in a row processing has fallen short of expectations.