News
Grain and soy futures are under hefty pressure on improved rain chances in the coming weeks. Feeder cattle futures are sharply higher with fat cattle near unchanged. Lean hog futures are under pressure.
Conab now estimates Brazil’s total corn crop at 69.96 MMT. That compares to USDA at 98.5 MMT.
The Dakotas saw a mix of drought improvement and drought degradation, but today’s update didn’t fully account for this week’s rains.
So far, market reaction to the data has been fairly subdued.
Cotton and wheat carryover also came in lighter than expected.
Corn, soybean expected to climb on dry weather as trade awaits USDA data
Memorial Day coincided with the reporting period, which may have limited business to some degree.
More rain is coming for the Northern Plains. Weather will share the spotlight with USDA’s June S&D and Crop Production Reports. JBS announces it did pay $11 million in ransom.
After the Bell | June 9, 2021 Grain, soybean futures mostly lower, awaiting fresh USDA numbers.
Confirming ag sector fears, the EPA announced today it plans to roll back the Trump Administration’s Navigable Waters Protection Rule and revise the definition of U.S. waterways that can be regulated.