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Early season chill underway… The National Weather Service reports that east of the Rockies and north of the Gulf Coast, large swaths of below average temperatures are expected this week, with temperatures more reminiscent of early fall than late summer.
Bret Walts from BAM WX told AgriTalk this morning the coming 7 days will be dry for most of the Corn Belt with heavy rains possible in the Southern Plains. Walts did not give a hard and fast prediction, but warned of the possibility of an early frost, especially in areas north.
Cattle on Feed Recap… USDA Friday afternoon reported cattle and calves on feed for the slaughter market in feedlots with capacity of 1,000 or more head totaled 10.9 million head on August 1. That’s 2 percent below August 1, 2024. Placements in feedlots during July totaled 1.60 million head, 6 percent below 2024. Net placements were 1.55 million head.
Corn growers, milk producers highlight trade with European Union… The Corn Refiners Association’s President and CEO, John Bode, says his group is pleased to see American and European leaders continue prioritizing improved trade relations. Bode remarked quote “We appreciate the commitment to work together to address non-tariff barriers affecting trade in food and agricultural products and consult on the digitization of trade procedures.”
Gregg Doud, president and CEO of the National Milk Producers Federation, said America’s farmers win when competition is fair, but also pointed out that there’s been nothing fair about the EU system. “To unlock the potential billions in new opportunities, U.S. dairy exporters need to see any new market access opportunities into the EU mirror those the EU enjoys when it ships butter, cheese, and other dairy products into the U.S. market,” Doud said.
New World Screwworm detected in Maryland… The U.S. has confirmed a case of the flesh-eating parasite New World screwworm in a person in Maryland, who had traveled from Guatemala and has received treatment for the infection. The disease had been largely forgotten since the U.S. declared victory over the malady in the 1960s, but a growing number of detections in Central America and Mexico have sparked grave concerns in the U.S.
September rate cut all-but expected… The Kansas City Federal Reserve’s annual Jackson Hole central banker symposium saw Fed Chairman Jerome Powell on Friday lean easier on U.S. monetary policy. Powell used his keynote speech to signal the Fed is headed for an interest-rate cut as soon as its next policy meeting in September. However, there are divisions among other Fed policymakers over whether that’s the right call.
Secy. Rollins eyes land use efficiency… Ag Secretary Brooke Rollins announced a new directive prioritizing land use efficiency when evaluating proposals for power generation projects on National Forest System Lands. The policy strengthens American energy production and reduces reliance on foreign energy sources, like foreign adversary-manufactured solar panels, while protecting our lands for future generations.
California plagued by rats… The Central Valley of California produces a large number of almonds, and that area is being invaded by rats. A newsletter from the Almond Board of California says that a major rat infestation has caused potentially hundreds of millions of dollars in damage over the past year. In the San Joaquin Valley alone, more than 100,000 acres have been impacted so far.
This adds up to a loss of between $109 million and $311 million. The issue began emerging unexpectedly last fall and may get worse without some form of intervention. Experts say the increased rat populations are due to drought-related farmland inactivity in the early 2020s, which halted pest control.
Notable closes:
Cattle futures staged a sharp downside correction after last week’s impressive price performance. Wholesale beef continued to firm, with Choice up 5 cents on Friday to $407.91, while Select rose 6 cents to $383.66. Both fats and feeders pared losses by the end of the session. *The closes may not look like much, but right out of the chute this morning, fats and feeders stampeded lower with feeder futures recovering around $7 from session lows. This Editor is calling the close in the cattle complex ‘short-term bullish,’ and quite an impressive performance.
- October live cattle declined $1.05 to $236.82 ½
- December live cattle slipped $1.10 to close at $238.05
- September feeders fell 77 ½ cents to $361.90
Corn futures started the day session strong but by the end of trade had fallen back to near unchanged. The upside will likely open if Dec/ corn can hold above $4.11.
- September corn futures gained 1 cent to $3.89 1/4
- December corn gained ¾ of one cent to $4.12 1/4