Because USDA no longer collects objective yield samples in August, this will be the industry’s first broad look at field data from across the Corn Belt.
Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
Pro Farmer policy analyst Jim Wiesemeyer and host Chip Flory discuss the highlights of last week in D.C. and look ahead to key votes and policy issues that matter most to farmers and ranchers.
"The Well, the Wealthy, and the Worried are the folks who think they can afford to overlook the incredible benefits of GMOs," writes Bill Horan, an Iowa farmer, in this guest post.
Tyson Foods Inc. reported stronger-than-expected earnings for the third quarter, but the company says it cannot increase prices for chicken and prepared foods fast enough to keep pace with rising raw material prices
Corn inspections were more than halved compared with the week prior, with inspections coming up well short of expectations. Soybean inspections were also light and near the lower end of expectations.
Grain and soybeans favored the downside overnight although soybeans recovered on the open. Hog futures are under heavy pressure with cattle futures slightly lower.
Conditions were mixed for the Midwest the week ending Aug. 3, with heavy precipitation again favoring southern and eastern areas of the Midwest, with little to no rain in the Upper Midwest.
Old-crop sales of the grain were light, but in line with expectations. Wheat sales fell short of expectations. Soybean sales were in line with expectations, with new-crop business perking up a bit.
The amount of corn inspected for export handily topped expectations and the tally nearly doubled the year-ago figure. In addition, last week’s number was also revised nearly 150,000 MT higher.
In Kenya, farmers can’t spend much time thinking about the UN’s sustainable development goals, let alone striving to meet them, when we don’t have a good sense of whether it will rain next week.
Fed Chair Jerome Powell said the Fed is still a ways away from considering raising interest rates, though he did acknowledge near-term risks to inflation are to the upside.
On an earnings call today, Archer Daniels Midland CEO Juan Luciano said the world lost 15 MMT of crop production due to bad weather over the past two to three weeks.
Corn inspections were also decent and above 1 MMT. Soybean inspections were near the upper end of expectations, though the overall tally was still pretty light.
Corn soybean and wheat futures open the week under pressure on Friday’s poor closes and overnight pressure. Cattle futures are firmer on USDA’s Cattle Inventory Report, out Friday. Hog futures are mildly softer.
