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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.
![“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.
Powell testifies | EU unveils climate change plan | Debt limit | Inflation accelerates
Grain and soy complex futures finished higher near session highs overnight, which should spark followthrough buying today.
Storms expected to roll across the Midwest from today forward. China’s summer wheat crop up from 2020, but quality is a concern. Biden to meet with Senate Democrats about their $3.5-tril. budget reconciliation plan.
USDA will update its U.S. and global balance sheets today, weekend precipitation was light over the upper Midwest and a resurgence of ASF in China may extend pork demand...
Cordonnier sports a neutral to lower bias on U.S. corn and soybean crops, Americans expect inflation to increase and China’s meat imports retreat…