First Thing Today
Price action was relatively quiet overnight on a lack of fresh news.
More rain for the southern, eastern areas of the Midwest heading into the weekend. Wildfire disrupting shipping at Canada’s largest port. Global food prices slide for the first time in a year.
Corrective buying after yesterday’s dive. Fed to release FOMC minutes today. Chinese corn production likely to climb at least 6% in 2021-22. Vilsack heading to Nebraska for a ‘major announcement’ on Friday.
Rain ahead for U.S. Northern Plains and Midwest as well as the Canadian Prairies. Cordonnier lowered his U.S. corn and soybean yield estimates, as well as his corn crop projections for Brazil and Paraguay.
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.