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Good Morning farm country. Davis Michaelsen here with your morning update for Monday, August 10. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:
Corn futures are off to a choppy start to the week, with most contracts trading low-range but above last week’s lows. Soybeans are down 1 to 2 cents to start the week. SRW wheat is down 2 to 3 cents, HRW wheat is mixed and HRS wheat futures are steady to a penny lower. The U.S. dollar index is posting light gains, with crude oil futures also moderately higher to start the week
Rain over the weekend was most significant in the Upper Midwest and parts of Missouri, with a small area from central Nebraska to interior southeastern South Dakota also receiving around an inch of rain, according to World Weather Inc. Over the next two weeks, widely varying amount of rain are expected for most crop areas east of the Rocky Mountains.
A collapse in new aid talks resulted in President Donald Trump issuing four executive orders on Saturday, but there is still hope from both sides that negotiations could be resurrected. On the political front, presumptive Democratic presidential candidate Joe Biden is expected to unveil his selection for vice president this week via a text message.
China will likely import around 8 MMT of soybeans per month in the fourth quarter of 2020, with the bulk of those soybeans coming from the U.S., according to four traders and crushers cited by Reuters. Crush margins and demand for meal has been strong, according to a China-based trader with a large trading house.
China will impose sanctions on 11 U.S. citizens in response to similar measures from Washington on Chinese and Hong Kong officials, as the two sides step up their dispute over Beijing’s imposition of a new security law on the city.
Canada plans to impose a 10% retaliatory duty on selected U.S. aluminum products on Sept. 16 in response to the Trump administration's decision to reinstate on Aug. 16 a Section 232 national security tariff of 10% on Canadian aluminum products.
A challenge brought against the Trump administration’s Clean Water Act rule redefining federal jurisdiction over the nation’s waters from the Obama administration waters of the U.S. (WOTUS) rule was dismissed by a federal judge in Oregon.
October live and feeder cattle posted technically bearish weekly closes, with both contracts posting losses for the week. Cash cattle prices did move higher over the past week, but futures are already at a premium to the cash market. Lean hog futures ended last week on a strong note, signaling the market may have put in a low. Adding to the positive tone, cash hog bids firmed an average of 17 cents nationally on Friday, with higher bids in the eastern Corn Belt offsetting softer prices to the west.
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