Pro Farmer
Hot, stormy weather is expected for the Midwest, pressuring grain and soy futures. A bipartisan infrastructure plan gains support. And Biden and Putin agree to disagree at their summit yesterday.
Members of the National Oilseed Processors Association crushed 163.52 million bu. of soybeans during May, marking the fourth month in a row processing has fallen short of expectations.
Ahead of the Open | June 15 Grain and soybean futures extend declines as forecast rains expected to aid dry Midwest.
The cooler forecast is pressuring grain and soy futures, despite some lower than expected crop condition ratings. NOPA will update the May crush today. And a truce has been reached on the U.S./EU aircraft dispute.
Hot, dry weather in the Upper Midwest and Western Corn Belt drew down corn and soybean ratings, with too much moisture slowing winter wheat harvest. Find more highlights from today’s crop progress and condition update.
Corn, soybean and spring wheat CCI ratings are all below their respective five-year averages for this point in the growing season.
After the Bell | June 14, 2021 Midwest rains and cooler outlook send grain, soybean futures tumbling, but crop ratings lower than expected.
![“Asian exporters are paying premium shipping rates, sometimes 10 times what the rate is for going from the [United] States back to Asia, and this shipping rate disparity incentivizes sending back those empty containers,” Borror said.](https://assets.farmjournal.com/dims4/default/92c7bcd/2147483647/strip/true/crop/840x561+0+19/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2F2021-02%2FExport-ship-840.jpg)
Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected.
USDA upped the ante this year by providing greater incentives like higher rental payments as part of the Biden administration’s all-of-government approach to tackling climate change.
Find updates to our short-term, intermediate- and long-term trends for commodity and key outside markets.
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.