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.
EPA and Army say they will work to develop a “a reasonable, effective, and durable definition of WOTUS,” and enlist the public’s help to do so.
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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.
Dry weather covered much of the Midwest the week ending July 27, and rising temperatures increased crop stress in the Upper Midwest.
Also of note, wheat sales climbed 46% from the four-week average to 515,200 MT, with China topping the list of buyers — despite elevated prices.
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.
Fed Chair Jerome Powell said the Fed is still a ways away from considering raising interest rates, though he did acknowledge near-term risks to inflation are to the upside.
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.
On an earnings call today, Archer Daniels Midland CEO Juan Luciano said the world lost 15 MMT of crop production due to bad weather over the past two to three weeks.

Meghan Vick

Meghan joined Pro Farmer in June 2011 and is currently the News Editor. Prior to joining the Pro Farmer team, Meghan worked as an editor at Stocks, Futures and Options (SFO) magazine. During her time there she gained her Series 3 license from the National Futures Association. She is a 2009 Summa Cum Laude graduate of Wartburg College in Waverly, Iowa, with Bachelor of Arts degrees in English and writing. LimelightPlayerUtil.initEmbed(‘limelight_player_28855'); At Pro Farmer, Meghan writes many of the daily market commentaries in addition to website news stories and updates on Washington happenings. She also compiles the quarterly Washington Outlook Report.