The market is still working to assess damage in the wake of Hurricane Ida, with the Louisiana export disruptions causing basis to strengthen at other export hubs. Meanwhile, the market is gearing up for another USDA production and S&D update next week, with the department surprising the market by saying it may adjust acreage a month early. We updated our old- and new-crop balance sheets leading up to the report. Also of note, USDA hiked its farm income forecasts for 2021, and Ag Secretary Tom Vilsack indicated aid for hog and biofuel producers should be coming soon. Find more on these topics and many others in this week’s newsletter.
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