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.
The Supreme Court in favor of refiners regarding SREs. USDA boosts its food price inflation forecasts. Meanwhile, its monthly Cattle on Feed Report was generally in line with expectations.
Inside you'll find weather updates, both sides of the livestock pricing issue, an update on an infrastructure deal and market-by-market analysis and marketing advice.
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.
Rains have fallen in the eastern Corn Belt, but areas of the western Belt still drying out. A bipartisan group of lawmakers have reached a tell with Biden on infrastructure. And find coverage of USDA's latest H&P Report.
Severe thunderstorms affected parts of northern Illinois, northern Indiana, northern Ohio, and southern Michigan on Sunday. But other Midwest areas continued to dry out.
Corn sales were near the midpoint of expectations, with exports holding strong. Old-crop soybean sales were near the upper end of expectations, but new-crop sales fell short. Wheat sales also met expectations.
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.
While corn prices rallied 22% from March 31 to June 1, soybean prices dipped 3%, lifting corn planting intentions at the expense of soybeans, according to FBN's survey work.
Water levels in the Parana River are becoming a problem, President Biden and Secretary Vilsack will visit Wisconsin and Senate Democrats look to include citizenship in the infrastructure bill...
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.
Frozen pork stocks stood at 461.14 million lbs. at the end of May, which was a 4.22-million-lb. (0.9%) build from April versus the usual 34-million-lb.-retreat for the month.
Reuters poll pegs Brazil’s corn crop just under 94 MMT. Argentina to limit beef exports to 50% of last year’s levels through year-end. Republicans on Senate panel seek more explanation from EPA on WOTUS plans.
More than a year later, we need to get back to normal because we need to start repairing 15 months of broken connections, writes Cherilyn Jolly-Nagel with Global Farmer Network.
