First Thing Today
Grain and soy futures are rising ahead of long holiday weekend. The focal point today is the June jobs report. Meanwhile, a USDA attaché expects Chinese imports of corn to slow notably in 2021-22.
Corn and beans rallying on bullish acreage data. Monthly soy and corn processing reports out today. TPA expires with little fanfare and the U.S. and Taiwan restarted trade talks.
June Acreage Report, Quarterly Grain Stocks out today. Rains limit frost damage in Brazil’s northern Parana, with another frost/freeze expected tonight. A bipartisan low-carbon biofuels bill will be unveiled today.
Frost/freeze the latest ding for Brazil’s battered safrinha corn crop. Solid heat wave for the western Corn Belt likely the latter half of July.
It was a wet weekend for the Midwest, but a dry, warm forecast for the Upper Midwest with heat moving into the Northern Plains keep weather concerns close at hand.
Heavy rain and storms are on tap for southern and eastern areas of the Midwest. The infrastructure agreement faces some high hurdles reaching the finish line. USDA’s monthly Cattle on Feed Report is out this afternoon.
Corn is hitting new lows for the month, with soybeans also under pressure. Sellers continue to dominate lean hog market and limits expand ahead of USDA’s weekly export sales update and its Quarterly Hogs & Pigs Report.
Welcome rains fell in Iowa, but western areas of the state again missed out. Levels of South America’s Parana River remain problematic. Fed Chair Powell said high prices should wane. Higher cash cattle trade picks up.
Spring wheat soars amid a dive in condition ratings. Cordonnier sticks with his U.S. crop estimates, but he cut Brazil’s corn crop. Farm-state lawmakers want biofuel provisions to be wrapped into infrastructure package.
Midwest rains are weighing on grain and soy futures. Chinese imports of Brazilian beans picked up in May. And Biden’s opposition to a gas tax proposal and Democratic infighting could derail latest infrastructure effort.