First Thing Today
Cordonnier warns his U.S. corn & soybean yield forecasts may fall. Gulf terminals slowly coming back online. Inflation will continue to rise over the next two years. Cattle hold up well in the fact of economic jitters.
Corn and soybeans recouped a portion of Tuesday’s sharp losses in corrective trade overnight.
August jobs report on tap. StoneX raises U.S. corn and soybean yield forecasts after welcome rains. Russia has once more hiked its weekly tax on wheat exports. Manchin to Dems: Hit ‘pause’ on Biden’s $3.5 trillion plan.
Storm damage, power outages keeping all southern Louisiana terminals closed. Argentine producers consider grain and cattle trade strike to protest restrictions on beef exports. Brazil investigating suspected BSE case.
Transportation expert comments on Hurricane Ida destruction. Russia could extend mineral extraction tax to fertilizer. Indian monsoon rains expected to pick up. Litigation, confusion follow overturning of water rule.
CHS says it could be up to a month before power restored at its Louisiana grain terminal. Consultant cuts Brazilian corn crop. Covid-19 hits China’s service sector. Final U.S. military plane left Kabul.
More rain for northern areas of the Midwest, Ida causes limited crop damage. IKAR reports Russian wheat prices still climbing. The real price tag of “social” infrastructure measure.
More rain for the Midwest, Delta producers brace for Hurricane Ida. Big jump in Russian wheat export duty. Fed’s annual Jackson Hole Symposium underway. China’s pork imports will rise in 2022.
Light pressure on corn and soybeans, but wheat bounces back. Bipartisan House bill would promote ethanol use. Philippines approves Golden Rice for commercial use. Beef prices soften for second day in a row.
Another round of rain for dry areas of the Midwest. House approves budget resolution. Biden said he planned to stick to his Aug. 31 deadline for military withdrawal. Month-plus streak of beef gains comes to an end.
Corn, soybean CCI ratings continue to decline. Worries about what another La Nina-plagued growing season might mean for South America. Some Senate Republicans urge EPA to set 2021, 2022 RVOs below ethanol “blend wall.”