First Thing Today
Highlights from Day 4 of our Crop Tour. Some rains fall in far western Corn Belt. Survey finds continuing strong rural economy. Choice beef takes out June highs.
Commodity trade keeping an eye on tumbling crude oil futures. Weekend rains lighter than expected for much of the western Corn Belt. Sanderson Farms announces $4.53 billion sale to Continental Grain.
July jobs update awaited. Temp swings stressing Argentine wheat, but not enough to lower crop prospects. China to release reserves of commodities ‘essential for livelihood,’ takes more steps to control hog supply.
Global food prices dip in July. Shipping container rates soar. A top Federal Reserve official said higher interest rates could come as soon as early 2023. Boxed beef prices still roaring higher.
Diminished rain chances for the Corn Belt over the weekend, but rain possible mid-month. StoneX’s U.S. corn crop forecast well under USDA’s. China to probe fertilizer firms.
Cordonnier sticks with U.S. yield pegs, but anxious about dry northwest Corn Belt. Frost shrinks Brazil’s winter wheat crop. Egypt to raise subsidized bread prices. ASF spreading across the Dominican Republic.
Wheat rallying to kick off August. Dry start to August, but temperatures not expected to be threatening. Big slowdown in soybean crush expected. Republican senators seek meeting with Biden on biofuels.
Profit-taking moved in overnight. Spring wheat tour confirms heavy toll of drought. China to suspend some fertilizer exports. Pork and cash hog prices fall.
Second day of spring wheat tour finds even lower yields. Bunge CEO optimistic Chinese demand for corn is here to stay. USDA confirms ASF in Dominican Republic.
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.