First Thing Today
Cordonnier holds U.S. corn and soybean yield projections steady after recent rain. Senate Democrats on Monday unveiled a $3.5 trillion spending plan. Information regarding aid for contract hog producers could come soon
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.
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.
Grain and soy futures rallied overnight amid a concerning forecast for some areas and lower-than-expected corn and spring wheat condition ratings.
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