Corn futures faced pressure overnight and the market is currently trading low-range and down 6 to 9 cents. Soybean futures are generally 4 to 5 cents lower. SRW wheat is down 1 to 3 cents, while HRW wheat is 4 to 6 cents lower. Spring wheat futures are up 3 cents in the July contract but down 5 to 12 cents in deferred contracts, with futures trading within the lower end of yesterday’s wide range of trade. The U.S. dollar index is slightly higher. Crude oil futures are posting strong gains but have thus far stopped short of taking out Monday’s high. Today is the last day of the month and quarter, raising its importance from a technical perspective.
USDA’s much anticipated survey-based update on planted acreage arrives today. On average, analysts surveyed by Reuters expect corn plantings to rise notably from March intentions with soybean plantings also climbing.
Frosts hit some major safrinha corn producing states in Brazil like Parana and Mato Grosso do Sul overnight, with a third consecutive frost/freeze event expected tonight.
Argentina will offer a one-year contract to maintain dredging of the Parana River while the government prepares for a longer concession, the country’s transport minister said yesterday.
Expansion in China’s factory sector slowed in June, as export demand weakened and supply bottlenecks held back production.
A bipartisan group of senators today will introduce a package of bills to expand access to low-carbon biofuels. The measures include a bill to fund renewable fuel infrastructure like blender pumps and storage tanks.
Efforts to generate support for the infrastructure package was the only major focus when President Joe Biden visited Wisconsin on Tuesday. This came after a botched rollout of dairy aid that required days of cleanup.
USDA reported some light cash cattle trade in Iowa at $126.50 yesterday, and this follows trade at $126.50 in Nebraska on Monday. This represents a slight gain from action last week in the western Corn Belt. After a sharp, $7-plus dive for Choice boxed beef values to start the week, the grade dropped another $5.09.
Lean hog futures extended their rebound to three days yesterday, with intraday price action failing to test extended trading limits. Two days into the week, this week’s kill is lagging week-ago by 28,000 head and year-ago by 23,000 head, according to USDA estimates.