Chicago Board of Trade grain and soybean futures soared on Wednesday after the U.S. Department of Agriculture surprised traders by reporting crop inventories that were smaller than expected.
Industry analysts are predicting a highly unlikely scenario when it comes to Sept. 1 supplies of U.S. corn and soybeans, which could set up a surprise when the USDA publishes those numbers on Wednesday.
The Illinois soybeans were the third of 16 U.S. Crop Watch fields to be harvested last week, and the results were extremely disappointing. But the fourth field, the Indiana corn, finished on a very strong note.
Atmospheric smoke has obscured grape-ripening sunlight while ash has coated green beans, cauliflower and other produce in nearby fields just days before scheduled harvesting.
Attorneys for Bayer AG and consumers told a judge on Thursday they are continuing to resolve thousands more cases, improving prospects for its $11 billion deal to end the litigation.
When La Nina last showed up in late 2017, it made for extremely dry growing seasons in some regions, particularly in Argentina and the southern U.S. Plains, and farmers harvested very poor crops in early 2018.
U.S. pork exports to China have surged beyond pre-trade war levels, led by higher shipments from Brazil's JBS SA and China's WH Group Ltd, owner of Smithfield Foods, as reported by Reuters.
The White House has dropped a plan to provide funds from the U.S. Department of Agriculture to oil refiners that are denied exemptions from the nation’s biofuel regulations.
The first two of 16 U.S. Crop Watch fields were harvested last week, though for the most part, the producers report that harvest activity has been on the lighter side and will likely ramp up in the coming days.