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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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Grain and soy complex futures finished higher near session highs overnight, which should spark followthrough buying today.