Corn and wheat futures are under light pressure with soybeans mixed with a lower bias. Fat cattle futures are higher to open the week with feeders and lean hogs under pressure.
This week’s National Drought Monitor reflected widespread improvement across areas of the Midwest and eastern parts of the Central and Northern Plains in response to beneficial rainfall.
Hurricane Ida caused "significant damage" to a Louisiana grain export elevator owned by Cargill Inc. Ken Erickson, Senior VP agribusiness with IHS market, says the Hurricane's potential impact on exports is huge.
"The loud and angry debates over crop-protection products in Europe can give the false impression that farmers like me are prone to over-use chemicals on what we grow," Maria Gabriela Cruz says in this guest blog post.
Argentina’s government has extended its restrictions on beef exports until the end of October, a politically charged move that’s likely to anger the country’s meat producers.
Its July Estimates Production of Principal Field Crops report shows durum wheat crop prospects down 39.2% from the 2020 season at nearly 4.00 MMT, with spring wheat crop prospects down 37.7% at 16.10 MMT.
Soybean inspections were stronger than the market anticipated, but expectations were limited and the amount of beans inspected for export were well under year-ago levels.
Areas of the Midwest and High Plains received welcome rainfall the week ending Aug. 24, leading to localized drought improvement. But areas that missed out saw drought conditions worsen over the past week.
Sales of old- and new-crop corn were in line with expectations. Soybean sales were strong, as expected, with much of the business known thanks to USDA’s daily reporting system.
USDA announced today that it is updating the Coronavirus Food Assistance Program 2 (CFAP 2) for contract producers of eligible livestock and poultry and producers of specialty crops and other sales-based commodities.
There were 401.26 million lbs. of beef in the nation’s freezers at the end of July, just a 256,000-MT decline from the end of June versus the five-year average increase of 23.6 million lbs. for the month.