First Thing Today
It was a wet weekend for the Midwest, but a dry, warm forecast for the Upper Midwest with heat moving into the Northern Plains keep weather concerns close at hand.
The cooler forecast is pressuring grain and soy futures, despite some lower than expected crop condition ratings. NOPA will update the May crush today. And a truce has been reached on the U.S./EU aircraft dispute.
Rains for the dry Northern Plains and western Corn Belt are expected to be erratic the next two weeks, with warm temperatures likely to persist. Nevertheless, grain and soy futures are under heavy pressure.
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.