News
Grain and soy futures are sharply higher to start the week after a weekend frost. Live and feeder cattle futures are under pressure with lean hogs mixed.
Andrey Sizov, head of SovEcon, says, “Spring weather conditions were favorable for the new winter wheat crop. However, there is a big question mark over the spring wheat crop now.”
Harvest of China’s winter wheat crop got underway this month, which along with Chinese changes in recommended feed mixes could cool Chinese buying of corn near-term.
Grain and soy futures traded in a two-sided range overnight. Some expect the harvest of China’s wheat crop to temper its voracious corn buying.
“Reports indicate much of this week’s heavy rains was immediately absorbed by the severely dry soils, with no runoff into empty dugouts or ponds,” according to today’s Drought Monitor Summary.
Our Market Watch table features monthly and quarterly price outlooks along with weekly prices for a variety of ag markets.
China bought a total of 5.812 MMT of corn the week ending May 20, with 5.644 MMT of those purchases being new-crop.
Argentina’s port strike came to an early end. USDA hiked its ag export forecast, reminding of China’s aggressive buys and the Phase 1 trade deal. USTR Tai talked with her Chinese counterpart yesterday.
Argentine port workers launched another 48-hour strike at midnight as they continue to push to be designated essential workers so they can receive Covid-19 vaccines.