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.
Spring wheat still soaring amid weather woes, with the warm dry forecast for the western Corn Belt concerning. China’s grain imports are still soaring. Its Sichuan province reported ASF in illegally transported piglets
Extreme heat coming for spring wheat country. Brazil’s corn contract washouts could be the highest since 2016. Xi raises food security to national security concern. Germany confirms its first cases of ASF in farm pigs.
Another slowdown in crush expected for June, with export sales also out today. Low water levels on Argentina’s Parana River still causing headaches. Chinese pork production hits seven-year high in Q2
Storms expected to roll across the Midwest from today forward. China’s summer wheat crop up from 2020, but quality is a concern. Biden to meet with Senate Democrats about their $3.5-tril. budget reconciliation plan.
Spring wheat CCI rating plunges again. Chinese purchases of soybeans, corn, wheat and meat all up from year-ago through June. Transportation spending bill has a spending offset issue. Cash hog bids dive.
Markets favoring the upside as trade readies for USDA reports. Timely rain for much of the Corn Belt, but Upper Midwest remains dry. China to boost boost storage capacity and ease restrictions for small hog producers.
More rain for the southern, eastern areas of the Midwest heading into the weekend. Wildfire disrupting shipping at Canada’s largest port. Global food prices slide for the first time in a year.
Corrective buying after yesterday’s dive. Fed to release FOMC minutes today. Chinese corn production likely to climb at least 6% in 2021-22. Vilsack heading to Nebraska for a ‘major announcement’ on Friday.
Rain ahead for U.S. Northern Plains and Midwest as well as the Canadian Prairies. Cordonnier lowered his U.S. corn and soybean yield estimates, as well as his corn crop projections for Brazil and Paraguay.
Grain and soy futures are rising ahead of long holiday weekend. The focal point today is the June jobs report. Meanwhile, a USDA attaché expects Chinese imports of corn to slow notably in 2021-22.
Corn and beans rallying on bullish acreage data. Monthly soy and corn processing reports out today. TPA expires with little fanfare and the U.S. and Taiwan restarted trade talks.
June Acreage Report, Quarterly Grain Stocks out today. Rains limit frost damage in Brazil’s northern Parana, with another frost/freeze expected tonight. A bipartisan low-carbon biofuels bill will be unveiled today.
It was a wet weekend for the Midwest, but a dry, warm forecast for the Upper Midwest with heat moving into the Northern Plains keep weather concerns close at hand.
Heavy rain and storms are on tap for southern and eastern areas of the Midwest. The infrastructure agreement faces some high hurdles reaching the finish line. USDA's monthly Cattle on Feed Report is out this afternoon.
Corn is hitting new lows for the month, with soybeans also under pressure. Sellers continue to dominate lean hog market and limits expand ahead of USDA's weekly export sales update and its Quarterly Hogs & Pigs Report.
Welcome rains fell in Iowa, but western areas of the state again missed out. Levels of South America's Parana River remain problematic. Fed Chair Powell said high prices should wane. Higher cash cattle trade picks up.
Spring wheat soars amid a dive in condition ratings. Cordonnier sticks with his U.S. crop estimates, but he cut Brazil's corn crop. Farm-state lawmakers want biofuel provisions to be wrapped into infrastructure package.
Midwest rains are weighing on grain and soy futures. Chinese imports of Brazilian beans picked up in May. And Biden's opposition to a gas tax proposal and Democratic infighting could derail latest infrastructure effort.
Volatility is here. Money flow will be key to market action moving forward. China remained an aggressive importers of grains and pork during May, despite high prices. Refiners appear to be betting on a blending reprieve.
Hot, stormy weather is expected for the Midwest, pressuring grain and soy futures. A bipartisan infrastructure plan gains support. And Biden and Putin agree to disagree at their summit yesterday.
Some buying returned to grain futures overnight. Markets will zero in on the Fed today and whether it bumps up its timeline for higher interest rates. Meanwhile, China is reporting its sow herd is near pre-ASF levels.
The cooler forecast is pressuring grain and soy futures, despite some lower than expected crop condition ratings. NOPA will update the May crush today. And a truce has been reached on the U.S./EU aircraft dispute.
Rains for the dry Northern Plains and western Corn Belt are expected to be erratic the next two weeks, with warm temperatures likely to persist. Nevertheless, grain and soy futures are under heavy pressure.
Delaware lawmakers are pressing EPA to ease refiners’ blending obligations. A bipartisan group of Senators delivered a new infrastructure proposal. And NCBA wants USDA to scrap "Product of the USA labels."
More rain is coming for the Northern Plains. Weather will share the spotlight with USDA's June S&D and Crop Production Reports. JBS announces it did pay $11 million in ransom.
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 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.
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.