Corn futures are down 9 to 11 cents amid some profit-taking to close out the week. Soybean futures are 10 to 18 cents lower after USDA’s slightly higher than expected carryover projections. July soymeal futures closed at a six-month low yesterday and the contract is extending losses today. Winter wheat futures are down 4 to 6 cents, while spring wheat is 10 to 12 cents lower thanks to much-needed moisture on the Northern Plains. Crude oil futures hit a new 2.5-year high overnight. The greenback is also firmer.
President Joe Biden is considering ways relieve U.S. oil refiners of their blending mandates under the Renewable Fuel Standard, according to an exclusive report from Reuters. In recent weeks, Democratic senators have held at least two discussions on the matter with Michael Regan, head of EPA.
Mills in Brazil’s center-south produced a record-high 2.62 MMT of sugar the second half of May, topping market expectations and surpassing year-ago by 2.6%, according to the industry group Unica. Ethanol production (including corn-derived) climbed 9.1%.
The U.S. budget deficit grew to a record $2.1 trillion during the first eight months of the fiscal year… The government’s spending surge has propelled a rapid recovery from the pandemic-induced economic slump while also helping send the federal debt as a proportion of the economy soaring.
A Bipartisan group of Senators have reached an agreement on an infrastructure proposal. The overall proposal would spend $974 billion over five years and $1.2 trillion if it continued over eight years.
Yesterday, USDA’s Natural Resources Conservation Service announced it will offer $41.8 million through the Environmental Quality Incentives Program (EQIP) to help ag producers in Arizona, California, Colorado and Oregon ease the immediate impact of drought and other natural resource challenges on working lands.
A Wisconsin judge issued a temporary restraining order on USDA’s socially disadvantaged loan forgiveness program.
USDA’s Food Safety and Inspection Service (FSIS) and the state of South Dakota have finalized a Cooperative Interstate Shipment (CIS) agreement, which allows selected state-inspected meat and poultry processors to ship their products across state lines.
July live cattle are working on a modest gain for the week, while August feeders are around $1.50 lower for the week. Packer profit margins continue to hold near $900 a head, according to HedgersEdge.com.
Lean hog futures settled mixed yesterday as pork export sales slowed the week ending June 3 and pork exports hit a new marketing-year low. In yesterday’s supply and Demand Report, USDA explained, “demand in several markets has strengthened.”