First Thing Today
Wheat rallying to kick off August. Dry start to August, but temperatures not expected to be threatening. Big slowdown in soybean crush expected. Republican senators seek meeting with Biden on biofuels.
Profit-taking moved in overnight. Spring wheat tour confirms heavy toll of drought. China to suspend some fertilizer exports. Pork and cash hog prices fall.
Second day of spring wheat tour finds even lower yields. Bunge CEO optimistic Chinese demand for corn is here to stay. USDA confirms ASF in Dominican Republic.
Excessive heat continues for central U.S.; severe weather possible. Day 1 of spring wheat tour calculates a sub-30 bpa yield. Fed meeting ends today. CDC urges masks indoors for everyone in areas of surging cases.
Markets bounce as crop condition ratings slide. Sultry weather grips Northern Plains and western Corn Belt. Latest WHIP+/ag disaster bill authorizes up to $8.5 billion for eligible 2020 and 2021 disasters.
Hot, dry week likely for much of the Midwest & Plains. Low Parana River water levels likely to get worse before they get better. Vilsack predicts moderation in food inflation. Friendly cattle reports may boost futures.
Evening weather update calls for less Midwest rain. French wheat crop ratings dip again, with heavy rains eroding crop prospects. Chinese soybean imports could slow 2H of 2021. Taper talk at the Fed.
Profit-taking overnight. Industry still trying to get a handle on Canada’s wheat and canola crops. Central China is dealing with floods. FTC adopts policy statement to take on ‘right to repair.’
A high pressure ridge could lead to more drying in western Corn Belt, Northern Plains. USDA isn’t the only one missing the mark on Canada’s wheat crop. Odds are low for a proposed bill to end corn-ethanol mandate.
Grain and soy futures rallied overnight amid a concerning forecast for some areas and lower-than-expected corn and spring wheat condition ratings.