First Thing Today
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.
Storms expected to roll across the Midwest from today forward. China’s summer wheat crop up from 2020, but quality is a concern. Biden to meet with Senate Democrats about their $3.5-tril. budget reconciliation plan.
Spring wheat CCI rating plunges again. Chinese purchases of soybeans, corn, wheat and meat all up from year-ago through June. Transportation spending bill has a spending offset issue. Cash hog bids dive.
Markets favoring the upside as trade readies for USDA reports. Timely rain for much of the Corn Belt, but Upper Midwest remains dry. China to boost boost storage capacity and ease restrictions for small hog producers.
Price action was relatively quiet overnight on a lack of fresh news.
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.
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.
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.
Grain and soy futures are rising ahead of long holiday weekend. The focal point today is the June jobs report. Meanwhile, a USDA attaché expects Chinese imports of corn to slow notably in 2021-22.
Corn and beans rallying on bullish acreage data. Monthly soy and corn processing reports out today. TPA expires with little fanfare and the U.S. and Taiwan restarted trade talks.
June Acreage Report, Quarterly Grain Stocks out today. Rains limit frost damage in Brazil’s northern Parana, with another frost/freeze expected tonight. A bipartisan low-carbon biofuels bill will be unveiled today.