First Thing Today
Rains for the Northern Plains weigh on HRS wheat. Biden ended infrastructure talks with Capito, but is starting talks with others. Meanwhile, Vilsack says no decision has been made on swine line speeds.
Grain markets were supported overnight by crop condition ratings and hot, dry forecasts for northern and western production areas.
Dry weather concerns fuel strong gains in the grain and soy markets to start the week.
The May jobs report will share the spotlight with weekly export sales today.
Grain and soy futures continue to climb. Meanwhile, Brazil’s ag minister is warning efforts to ensure hydroelectric power will disrupt shipping along the Parana River.
Warm, dry forecast continues to lift grain and soy futures. Meanwhile, operations are resuming at JBS facilities.
Frosts/freezes over the holiday weekend have grain and soy futures soaring to start the week.
Grain and soy futures traded in a two-sided range overnight. Some expect the harvest of China’s wheat crop to temper its voracious corn buying.
Argentina’s port strike came to an early end. USDA hiked its ag export forecast, reminding of China’s aggressive buys and the Phase 1 trade deal. USTR Tai talked with her Chinese counterpart yesterday.
Corn struggled to rebound overnight. Meanwhile, another strike is underway in Argentina and China took more steps to tighten its control on commodities.