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Welcome rains fell in Iowa, but western areas of the state again missed out. Levels of South America’s Parana River remain problematic. Fed Chair Powell said high prices should wane. Higher cash cattle trade picks up.
Refinitiv Commodities Research says trade flow data signals China will likely import 11.6 MMT of soybeans during June, which would be an all-time monthly high.
Find more updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
Corn inspections were also solid, with last week’s tally revised roughly 66,500 MT higher.
Grain and soy futures are under hefty pressure to start the week in response to weekend rains. Live cattle futures are quite as hog futures extend recent losses.
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.