First Thing Today
Pro Farmer Crop Tour begins. Rain chances for the Midwest and Northern Plains later this week. Argentina reroutes funds to help with low water along the Parana River. Big jump for pork values on Friday.
Friendly USDA data lifts corn, soybean and wheat. Argentine exchange expects soybean plantings to slide for sixth year in a row. Moderate Democrats pressure Pelosi to take up physical infrastructure package.
USDA’s WASDE and Crop Production Report out at 11:00 a.m. CT. China trims soybean import projection for 2020-21. Low water levels on Parana River could get worse before it gets better.
Stifling summer heat stretches from coast to coast. Heat and dryness remain problematic in Canada. House to cut recess short, take up Democratic budget plan. Delta variant is threatening China’s economic recovery.
Cordonnier holds U.S. corn and soybean yield projections steady after recent rain. Senate Democrats on Monday unveiled a $3.5 trillion spending plan. Information regarding aid for contract hog producers could come soon
Commodity trade keeping an eye on tumbling crude oil futures. Weekend rains lighter than expected for much of the western Corn Belt. Sanderson Farms announces $4.53 billion sale to Continental Grain.
July jobs update awaited. Temp swings stressing Argentine wheat, but not enough to lower crop prospects. China to release reserves of commodities ‘essential for livelihood,’ takes more steps to control hog supply.
Global food prices dip in July. Shipping container rates soar. A top Federal Reserve official said higher interest rates could come as soon as early 2023. Boxed beef prices still roaring higher.
Diminished rain chances for the Corn Belt over the weekend, but rain possible mid-month. StoneX’s U.S. corn crop forecast well under USDA’s. China to probe fertilizer firms.
Cordonnier sticks with U.S. yield pegs, but anxious about dry northwest Corn Belt. Frost shrinks Brazil’s winter wheat crop. Egypt to raise subsidized bread prices. ASF spreading across the Dominican Republic.