Spring wheat CCI rating plunges again. Chinese purchases of soybeans, corn, wheat and meat all up from year-ago through June. Transportation spending bill has a spending offset issue. Cash hog bids dive.
Corn soybean and spring wheat futures are mildly higher this morning. Cattle futures are mostly weaker with hog futures off to a firmer start to the week.
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...
Corn and soybeans were mildly firmer overnight on positioning ahead of USDA's July crop reports at 11 a.m. CT. Weekend rains were ample across all but northern locations of the Midwest.
Markets favoring the upside as trade readies for USDA reports. Timely rain for much of the Corn Belt, but Upper Midwest remains dry. China to boost boost storage capacity and ease restrictions for small hog producers.
“Another week of hot, dry weather in the Pacific Northwest, Northern Rockies, Northern Plains, and Upper Midwest led to the expansion of drought conditions,” today’s National Drought Monitory summary says.
More rain for the southern, eastern areas of the Midwest heading into the weekend. Wildfire disrupting shipping at Canada’s largest port. Global food prices slide for the first time in a year.
Futures work to rebound from yesterday's losses overnight, China expects to increase domestic corn production and USDA Secretary Vilsack will visit Nebraska this week...
Corrective buying after yesterday’s dive. Fed to release FOMC minutes today. Chinese corn production likely to climb at least 6% in 2021-22. Vilsack heading to Nebraska for a ‘major announcement’ on Friday.
“Producers in June were less optimistic about both current conditions on their farming operations as well as their expectations for the future,” with the former driving the decline, according to today’s report.
Inspections of corn and soybeans were in line with expectations the week ended July 1, though expectations for soybean shipments were admittedly light. Wheat inspections fell just short of expectations.
Rain ahead for U.S. Northern Plains and Midwest as well as the Canadian Prairies. Cordonnier lowered his U.S. corn and soybean yield estimates, as well as his corn crop projections for Brazil and Paraguay.