Corn futures are 4 to 6 cents higher, while soybean futures are up 13 to 20 cents. Winter and spring wheat futures are 10 to 14 cents higher. The U.S. dollar index is under pressure; crude oil futures are down slightly.
The Rosario Grains Exchange forecasts soybean production will rebound to 49 MMT in 2021-22, a 4-MMT jump from this year’s drought-clipped crop. The exchange expects soybeans to lose acres to corn, with bean plantings expected to slide 3%.
Russia has set its duty on wheat exports Aug. 18-24 at $30.40 per metric ton, a 60-cent retreat from the week prior and a buck under where the duty started the month.
French farmers had harvested 72% of their soft wheat crop as of Aug. 9, just a six-point gain from the week prior as rains continued to slow efforts, reports the French farm office. Soggy late-season weather has also raised quality concerns.
China sold nearly 123,600 MT of the imported GM corn at its latest auction of state reserves. That represented 47% of the grain put up for auction, a notable improvement from recent poor showings.
A key Chinese terminal at the Ningbo-Zhoushan port — one of the world’s busiest by container volumes — was closed indefinitely Thursday after just one worker was diagnosed with Covid-19. This is just the latest example of the unpredictable bumps coming from China. It will add to supply-chain disruptions such as the global microchip shortage.
Nine moderate House Democrats will send a letter today to House Speaker Nancy Pelosi (D-Calif.) warning they will not vote for the budget resolution until the House has voted on and approved the bipartisan infrastructure package approved this week by the Senate. Pelosi has pledged she will not bring the physical infrastructure package up in the House until the Senate has sent over the “social” infrastructure package.
Legislation that aims to boost climate-friendly farming practices is getting bogged down amid opposition in the House and questions over how USDA would carry out its mandates.
Robust demand continued to overwhelm the supply of homes for sale. The median sales price for single-family existing homes was higher in the second quarter compared with a year ago for 182 of the 183 metro areas tracked by the National Association of Realtors.
The U.S. International Trade Commission (ITC) is scheduled to hold a preliminary vote today on whether imports of urea ammonium nitrate (UAN) from Russia and Trinidad and Tobago are materially injuring or threatening material injury to a U.S. industry.
Choice boxed beef values soared yesterday with movement slowing to 97 loads. Increasingly large price gains for Choice values could choke off movement and put in a top.
Lean hog futures climbed for a second day on Thursday amid a technical-based rebound after its dive to six-week lows earlier in the week. USDA lowered its pork export forecast for both 2021 and 2020, though both figures are still expected to be up from 2020.