Deferred corn futures contracts gapped higher overnight and extended gains, with most contracts up 11 to 19 cents. So far, the front-month has been unable to push through yesterday’s contract high. Daily trading limits for the corn market expand to 60 cents today after yesterday’s limit gains. Soybean futures are 15 to 20 cents higher, building on yesterday’s strong gains. Also of note, cash basis bids for corn and soybeans shot vertical this week. SRW wheat is 3 to 5 cents higher, while HRW and HRS wheat futures are mixed. The U.S. dollar index is marginally lower and crude oil futures are sharply higher as energy traders await the conclusion of today’s OPEC meeting.
Analysts polled by Reuters expect USDA to report 173.4 million bu. (5.202 million short tons) of soybeans were crushed during May. That would be up from April’s crush of 169.8 million bu. but down from last year’s 179.5 million bu.,
Ukraine’s 2021 grain harvest could climb to a record 75.8 MMT this year, a 10.8-MMT boost from the 2020 season, according to the country’s state weather forecaster.
At hubs in Mont Belvieu, Texas, and Conway, Kansas, propane futures traded Wednesday at $1.09 and 95 cents a gallon, respectively. Those prices are roughly twice their levels during the past two summers, the Wall Street Journal reports.
Elevated inflation will compel the Federal Reserve to raise U.S. interest rates at least twice by the end of 2023, according to a new poll of leading academic economists for the Financial Times and the University of Chicago’s Booth School of Business.
The trade talks, between the U.S. and Taiwan held by videoconference on Wednesday, were the first between the two countries since 2016.
July 1 brings about the expiration of “fast-track” Trade Promotion Authority (TPA). So far, the Biden administration has not submitted legislation to Congress to reauthorize TPA.
The House Appropriations Committee on Wednesday approved the fiscal year (FY) 2022 Agriculture appropriations bill.
Smithfield Foods Inc. will pay $83 million to settle litigation claiming it and several other companies conspired to limit supply to lift prices and profits.
Live cattle futures settled with slight gains Wednesday, but feeder cattle tumbled on smaller-than-expected corn planted acreage as well as a bit smaller June 1 corn and wheat stocks vs. analysts’ expectations. Meanwhile, cash cattle prices slipped a bit yesterday.
Average hog weights in the key Iowa/southern Minnesota/South Dakota market dropped 2.4 lbs. the week ending June 26 according to USDA. That’s 7.6 lbs. under year-ago levels when supplies were backed up due to Covid-related processing disruptions. Cash hog bids jumped $2.39 on Wednesday.