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National Weather Service this morning said wildfire smoke continues to result in poor air quality from the Upper Midwest into the Northeast. The Service has issued air quality alerts over the upper Midwest and parts of the Northeastern U.S. due to Canadian wildfires.
Multiple days of hot, dry and windy conditions are expected to bring fire weather concerns for portions of the Four Corners region into the central Great Basin and Rockies.
Ethanol Exports decline in June… According to a Renewable Fuels Association press release, U.S. ethanol exports totaled 173.7 million gallons (mg) in June, down 6% from May amid volatility in key markets but still 30% higher than year-ago levels. Canada remained the top destination, increasing 6% to a six-month high of 64.9 mg. Exports to India surged 158% to 24.2 mg, the largest volume in five months. The European Union imported 20.3 mg, driven primarily by the Netherlands, though volumes were one-third lower than May.
The U.S. imported just 21,696 gallons of undenatured fuel ethanol from Canada in June, bringing year-to-date imports to 3.4 mg.
Farm real estate prices rose year-over-year nationally, as every state saw gains in land values, according to an annual report from the Ag Department. The value of land and buildings on farms rose 4.3% this year, to $4,350, the agency said after a survey of more than 28,000 operations conducted April–June.
Cropland costs increased 4.7%, to $5,830 an acre, and pasture value rose 4.9%, to $1,920 an acre. Iowa ag land was valued at $9,790 an acre, up 3.9% on an annual basis, and Illinois saw gains of 2.6%, to $8,930 an acre, the USDA said. Iowa and Illinois are the biggest producers of corn and soybeans in the United States.
Nebraska land values rose to $4,250 an acre versus $4,080 a year earlier. Kansas ag real estate increased 4.4%, to $3,100 an acre, on average. South Dakota valuations were up 6.8%, to $2,970 an acre. North Dakota values gained 4.4%, to $2,360 an acre.
Tariff tiff reaches Brazil… President Trump is poised to impose some of the highest tariffs among trading partners on Brazil. Trump has been critical of the Brazilian government’s handling of former President Bolsanaro, who has been placed under house arrest amid Brazilian Supreme Court allegations that Bolsonaro plotted to overturn the 2022 election.
According to Reuters, “Unlike Mexico and Canada, which sell about three-quarters of their exports to the United States, Americans buy just 12% of Brazilian exports. By comparison, Brazil’s exports to China have doubled in value over the past decade, now accounting for 28% of the country’s total shipments.”
The increased tariff is set to take effect tomorrow (Wednesday) to the tune of 36% on a host of exports including energy, aircraft and commodities including orange juice, beef and coffee.
“Goldman Sachs maintained its projection for Brazil’s economy to grow 2.3% this year in light of the “notable” exemptions, adding that government support for affected sectors, expected in the coming days, should further soften the economic blow,” according to Reuters.
Trump levers Palestine, fentanyl - raises Canadian hackles... After raising tariffs on Canada from 25 to 35% last week Trump further raised Canadian ire with a post on truth social saying Canada’s support of a Palestinian state would make it difficult to make a deal. This after Trump accused Canada of not working hard enough to stem the flow of deadly fentanyl over the northern border.
John Deere announces self-maintenance resources… In what appears as a response to antitrust allegations in the ongoing FTC v. John Deere right-to-repair lawsuit, the John Deere has unveiled a revamped digital service platform. The new tool is reportedly designed to allow equipment owners to access repair diagnostics and service data. Available via annual subscription starting at $195 per machine, Deere says development of the tool supports customer self-repair.
The closes according to AgriTalk:
December corn futures gapped lower, firmed to just fill the gap then dropped to get withing a penny-and-a-half of support at 4 bucks.
- September corn futures were 5-and-a-half cents lower at 3-81-and-a-half
- December corn down a nickel to 4-oh-2
- March corn futures closed at 4-20, down 4 and three-quarter cents
The lack of new-crop demand from China is a heavy weight on the market. Fresh uncertainty over the future of biofuels policies in the U-S seems to have also chased buyers out of the bean oil market.
- September beans were 3 and three-quarter cents lower at 9-71-and-a-half
- November beans down 3 and three-quarters to 9-90 and three-quarters
- January beans closed at 10-oh-9-and-a-quarter, down 3 and three-quarter cents
December soft red winter wheat futures opened slightly higher and on session highs and fell to a new contract low. Hard red winter wheat futures also opened on session highs and the fall to a new contract low triggered a round of aggressive selling
- December HRW wheat futures were 12-and-a-quarter cents lower at 5-25-and-a-quarter
- December SRW wheat down 8-and-a-half cents to 5-28-and-a-half
- December spring wheat closed at 5-92-and-a-half, down 3-and-a-half cents
Boxed beef prices this morning shot sharply higher with Choice up 4-61 and Select up 4-42.
- August live cattle were 3-37 ½ higher at 2-34-27 ½ and
- August feeders jumped 5-65 to 3-41-oh-5.
Lean hog futures were mildly higher.
- August hogs were 60 cents higher at 1-oh-8-77 ½
- October hogs up a buck-90 to 92-80