Corn futures have seen two-sided trade and futures are currently favoring the downside, with December down a penny. Old-crop soybeans are 1 to 2 cents higher, while new-crop futures are mixed. Spring wheat futures have rallied 11 to 13 cents, with HRW wheat up 9 to 10 cents and SRW wheat 6 to 7 cents higher. The U.S. dollar index is just above unchanged. Crude oil futures are posting moderate gains.
Yesterday, between 0.07 and 1.75 inches of rain fell from west-central Iowa to northwest Illinois, but the event again missed the dry northwest part of the state, according to maps from World Weather Inc.
Water levels along Argentina’s Parana River continue to slide amid lingering drought, with barges continuing to reduce loadings and reports of boats being stranded along the river.
The price increases seen in the economy recently are bigger than expected, Fed Chair Jerome Powell told lawmakers on Tuesday, but he reiterated that they will likely wane.
President Joe Biden and USDA Secretary Tom Vilsack will be in Wisconsin Tuesday June 29 to discuss agriculture and rural economies, according to the White House. Dairy is likely to figure high on the list of issues that will be focused on with the administration having announced additional aid will be coming to the sector over the next 60 days.
Senate Democrats plan to include a pathway to citizenship for certain immigrants in the country illegally as part of the sweeping infrastructure bill they hope to enact on a partisan basis this year.
Cui Tiankai has served as the Chinese ambassador to the U.S. since April 2013 and this week announced he is returning to China saying the Sino/U.S. relationship as being at a “critical crossroads,” saying that the choice facing the U.S. in that relationship is one of dialogue and cooperation, or confrontation and conflict.
Canadian Prime Minister Justin Trudeau had harsh words for China after Beijing called for a United Nations probe into crimes against Indigenous children in Canada.
White House officials Tuesday said that the administration’s goal that 70% of the population 18 and over would receive at least one vaccination for Covid will not be met. The main factor, officials said, is that younger adults have been resistant to getting the vaccine.
Live and feeder cattle futures posted a strong rebound Tuesday, a largely-technical-based recovery. Cash cattle trade got started yesterday at prices ranging from $120 to $126.50, with the bulk of action taking place at the upper end of that range. Sales last week ranged from $122 to $124.
Lean hog futures tried to rally Tuesday, but the market was only able to muster a low-range close with modest gains. USDA reported frozen pork stocks edged higher from the close of April to the end of May, whereas stocks typically slide 34 million lbs. during May. That adds to existing concerns about a slowdown in Chinese buying.