First Thing Today
Welcome moisture for HRW wheat areas. Soybean crush expected to hit four-year low for August. Russian wheat tariff will hit a new high next week. Euro-zone inflation hits highest level in 13 years as energy prices soar.
Light buying as market readies for USDA reports that have historically sparked volatility. China’s official PMI dips into contraction territory. Lawmakers to vote on measure averting a government shutdown today.
CHS’s Myrtle Grove terminal reopens. Cyclone damages Indian crops. Senate preparing ‘clean’ stopgap spending measure to fund government agencies until Dec. 3. Argentina lifts cap on beef exports.
Cordonnier cuts U.S. corn yield estimate. CNGOIC official expects strong Chinese grain imports in 2021-22. World Weather says western HRW wheat areas should see some dryness relief this week.
Analysts expect record Brazilian bean crop of nearly 144 MMT. Drying to worsen on the U.S. Plains, Canadian Prairies. More than 12,000 migrants from Del Rio surge have been released into U.S. Bullish H&P Report Friday.
Rains have Argentine corn planting off to a quick start, but more needed. China the lead buyer of Australian wheat, despite tensions. Likely outcomes for key congressional issues.
Warm, dry fall and winter could lead to low water levels on the Missouri River. When will Senate vote on combined CR/debt suspension bill? China lowers sow herd target in five-year plan.
Hurricane Ida made a thin input supply situation worse. Fed focus is on taper timing amid mixed economic signals. CR with debt suspension bill clears House but expected to be defeated in Senate.
Cordonnier warns his U.S. corn & soybean yield forecasts may fall. Gulf terminals slowly coming back online. Inflation will continue to rise over the next two years. Cattle hold up well in the fact of economic jitters.
China’s wheat imports reach highest level in more than two decades. Russian wheat export prices climb for 10th consecutive week. Possibility of a debt default rattles the market.