In “First Thing Today” we noted the Biden administration announced the Indo/Pacific Economic Framework (IPEF) to counter China’s influence in the region. IPEF, consists of four pillars that seek to:
Nearby soybean futures extended a nearly two-week rally to four-week highs behind bullish demand fundamentals, including stronger-than- expected exports, while resurgent soymeal also supported the soy complex.
Since the start of the 2021-22 marketing year on July 1, Ukraine has exported 46.5 MMT of grain, up from 40.9 MMT during the same period last year. . .
The International Grains Council (IGC) cut its global corn production forecast by 13 MMT to 1.184 billion metric tons, reflecting a downward revision to the U.S. crop.
Corn futures fell sharply, erasing gains posted early this week, as spillover from a selloff in the wheat market and prospects for a resumption of grain shipments out of Ukraine sparked active profit-taking.
Ukraine is making progress in developing grain exports over land to the EU but will need to regain sea access blocked by Russia’s invasion to avert a worsening crisis for food importing countries. . .
Members of the National Oilseed Processors Association (NOPA) crushed 169.8 million bu. of soybeans in April, down 12.0 million bu. (6.6%) from March. . .
