“Another week of hot, dry weather in the Pacific Northwest, Northern Rockies, Northern Plains, and Upper Midwest led to the expansion of drought conditions,” today’s National Drought Monitory summary says.
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.
FOMC minutes note increase in inflation, but attribute rise to transitory factors. Strike by contract workers interrupting flow of exports at Argentina’s Rosario port hub. Abiove hikes Brazilian soybean export forecast
Futures work to rebound from yesterday's losses overnight, China expects to increase domestic corn production and USDA Secretary Vilsack will visit Nebraska this week...
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.
Corn ratings finally stabilized, but condition ratings for soybeans and wheat continue to decline. Meanwhile, labor shortages and rising input costs have dampened farmer optimism.
“Producers in June were less optimistic about both current conditions on their farming operations as well as their expectations for the future,” with the former driving the decline, according to today’s report.
Inspections of corn and soybeans were in line with expectations the week ended July 1, though expectations for soybean shipments were admittedly light. Wheat inspections fell just short of expectations.
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.
The D.C. Circuit Court overturns year-round E15. Brazil’s ship lineup for corn down 54% from year-ago. And job growth surges in June. Find more afternoon news updates.
