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After the Bell | June 18, 2021 Corn, soybeans surge amid lingering Midwest dryness, cattle up on firm cash market.

China’s state-owned importers bought at least eight cargos (480,000 MT) of U.S. soybeans, today, two traders familiar with the deal toward Reuters. And that tally could climb even higher.

We project total corn and soybean plantings at a record 182.3 million acres, which is the exact total we estimated in March and would be up 8.4 million acres from last year and 2.0 million acres more than the 2017 peak.

A weather market is in full swing, with commodities diving the past week. Inside this week’s letter you’ll find plenty of updates on the forecast, crop conditions (crop comments are back!) and Washington happenings.

Ahead of the Open | June 18, 2021 Grain, soybean futures expected to open sharply higher as Midwest dryness concern lingers.

Volatility is here. Money flow will be key to market action moving forward. China remained an aggressive importers of grains and pork during May, despite high prices. Refiners appear to be betting on a blending reprieve.

Nearly half of rural bankers report their local economy grew in May to June.

Cash prices for soybeans and corn fall.

The National Weather Service is calling for above-normal temperatures over most of the country during the July through September period.

Warm, dry conditions prevailed in northern and western areas of the Midwest the week ending June 15, resulting in the “widespread worsening of drought and dryness,” according to today’s National Drought Monitor.