First Thing Today
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.
Delaware lawmakers are pressing EPA to ease refiners’ blending obligations. A bipartisan group of Senators delivered a new infrastructure proposal. And NCBA wants USDA to scrap “Product of the USA labels.”
More rain is coming for the Northern Plains. Weather will share the spotlight with USDA’s June S&D and Crop Production Reports. JBS announces it did pay $11 million in ransom.
Rains for the Northern Plains weigh on HRS wheat. Biden ended infrastructure talks with Capito, but is starting talks with others. Meanwhile, Vilsack says no decision has been made on swine line speeds.
Grain markets were supported overnight by crop condition ratings and hot, dry forecasts for northern and western production areas.
Dry weather concerns fuel strong gains in the grain and soy markets to start the week.
The May jobs report will share the spotlight with weekly export sales today.
Grain and soy futures continue to climb. Meanwhile, Brazil’s ag minister is warning efforts to ensure hydroelectric power will disrupt shipping along the Parana River.
Warm, dry forecast continues to lift grain and soy futures. Meanwhile, operations are resuming at JBS facilities.
Frosts/freezes over the holiday weekend have grain and soy futures soaring to start the week.
Grain and soy futures traded in a two-sided range overnight. Some expect the harvest of China’s wheat crop to temper its voracious corn buying.