First Thing Today
More rain for northern areas of the Midwest, Ida causes limited crop damage. IKAR reports Russian wheat prices still climbing. The real price tag of “social” infrastructure measure.
More rain for the Midwest, Delta producers brace for Hurricane Ida. Big jump in Russian wheat export duty. Fed’s annual Jackson Hole Symposium underway. China’s pork imports will rise in 2022.
Light pressure on corn and soybeans, but wheat bounces back. Bipartisan House bill would promote ethanol use. Philippines approves Golden Rice for commercial use. Beef prices soften for second day in a row.
Another round of rain for dry areas of the Midwest. House approves budget resolution. Biden said he planned to stick to his Aug. 31 deadline for military withdrawal. Month-plus streak of beef gains comes to an end.
Corn, soybean CCI ratings continue to decline. Worries about what another La Nina-plagued growing season might mean for South America. Some Senate Republicans urge EPA to set 2021, 2022 RVOs below ethanol “blend wall.”
Dry Northern Plains, western Corn Belt welcome rain. Reports signal EPA sending proposed RFS levels to OMB for review. Biden tries to limit political and real damage of Afghanistan withdrawal.
Highlights from Day 4 of our Crop Tour. Some rains fall in far western Corn Belt. Survey finds continuing strong rural economy. Choice beef takes out June highs.
Day 3 Crop Tour results. Much anticipated rains expected to move into Northern Plains today, Canada records first frost. Beef processing margins near $1,000/head.
Day 2 Crop Tour results. Rain still in the forecast for the Northern Plains, Canada’s Prairies. China’s YTD grain imports up sharply from 2020. FOMC minutes due to with focus on tapering discussion.
Day 1 Crop Tour results for South Dakota and Ohio. Biden defends withdrawal amid deadly chaos in Afghanistan. China’s sow herd contracts for first time in nearly two years.