After the Bell | August 6, 2021
Grain, soybean futures end week on firm note with USDA expected to trim harvest outlook.
Decline in the HRW crop was led by Texas, though crops in Kansas, Colorado, Nebraska and Montana also dropped.
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Corn ratings lifted by moisture and milder temperatures, but soybean ratings are steady to lower. Abiove expects smaller Brazilian soy crush in 2021, despite bigger crop.
The Supreme Court in favor of refiners regarding SREs. USDA boosts its food price inflation forecasts. Meanwhile, its monthly Cattle on Feed Report was generally in line with expectations.
Corn and soybean harvest advancing rapidly. Wetter October outlook for the Midwest and Plains. Biden trade policy with China: Live up to Phase 1 commitments, stop unfair trade practices.
Corn ratings finally stabilized, but condition ratings for soybeans and wheat continue to decline. Meanwhile, labor shortages and rising input costs have dampened farmer optimism.
Barge rates signal big grain shipments. Today's Cattle on Feed and Cattle Inventory reports were supportive.