Pro Farmer's First Thing Today: Derecho Damage, Crop Progress and More

08:52AM Aug 11, 2020
Here are audio highlights from around the ag industry, courtesy of Pro Farmer.
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Good Morning farm country. Davis Michaelsen here with your morning update for Tuesday, August 11. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:

Corn futures enjoyed some followthrough buying overnight after yesterday’s high-range finish, as crop condition ratings came in a bit lower than anticipated and on storm damage in key areas of the Midwest. Most contracts are up 2 cents. Soybeans, on the other hand, were pressured by a surprising uptick in condition ratings, but futures have been able to pare early losses to trade mixed. Wheat futures are 2 to 5 cents higher in early trade. The U.S. dollar index is down slightly, with crude oil futures posting strong gains.

A storm packing winds in excess of 100 miles per hour moved across Nebraska, Iowa, Wisconsin and parts of Illinois yesterday, with the National Weather Service classifying the storm as “derecho.” The winds flattened crops, toppled grain bins and semis, damaged livestock operations and left more than 500,000 without power. Cargill Inc.’s oilseed processing facilities in Cedar Rapids are closed due to the loss of power, as is Archer Daniels Midland Co.’s corn processing plant there.

Following are some highlights from USDA’s crop progress and condition update for the week ending Aug. 9, 2020. 

  • Corn: 97% silking, 59% dough, 11% dented, 71% G/E
  • Soybeans: 92% blooming, 75% setting pods, 74% G/E
  • Spring wheat: 15% harvested, 69% G/E
  • Cotton: 96% squaring, 71% setting bolls, 9% opening bolls, 42% G/E 
  • Winter wheat: 90% harvested

Flooding in China this growing season has destroyed around 13 million acres of farmland in China, destroying $1.7 billion worth of crops and $19 billion worth of infrastructure, according to a report from CNN China. The flooding came just as rice was ready to harvest.

Companies from China and other countries that do not comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021, according to U.S. Treasury Secretary Steven Mnuchin. The U.S. will also soon require imports from Hong Kong to be labeled as 'Made in China'.

Trump administration officials and Democratic leaders urged each other to return to the negotiating table to craft a broad coronavirus package after President Donald Trump's executive actions on jobless aid and other relief over the weekend.

Cattle futures settled high-range yesterday, with the market uncovering support on an early move to the downside. Traders are optimistic the cash market will continue to strengthen. Strong followthrough buying lifted lean hog futures to start the week. The high-range close points to followthrough buying today. Cash hog bids climbed 24 cents on Monday.

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