Good Morning farm country. Davis Michaelsen here with your morning update for Monday, December 14. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:
Corn futures enjoyed gains overnight and are currently trading 2 to 4 cents higher, with the front-month leading gains and deferred months well off their highs. Soybean futures also strengthened overnight, and futures are currently up 9 to 12 cents. Winter wheat futures are down 3 to 6 cents, while spring wheat futures are steady to 4 cents lower. The U.S. dollar index is under pressure, while crude oil futures are posting modest gains.
Doses of the Pfizer-BioNTech vaccine are headed toward 145 health departments and hospitals around the U.S., and some high-risk groups could start getting inoculated as soon as today. The initial delivery will be completed in all 50 states by Wednesday, said Gustave Perna, the army general who serves as chief operating officer for Operation Warp Speed.
A two-phased Covid-aid package is the latest revised bipartisan proposal expected to roll out today. The $908 billion proposal will be split in two pieces: a less controversial $748 billion portion that includes funding for the Paycheck Protection Program, unemployment benefits, vaccine distribution, schools and testing and a separate $160 billion bill for state and local governments that includes a liability shield.
Over the weekend, welcome rains fell in northern Argentina, with enough precipitation falling to maintain a good environment for crop development, reports World Weather Inc. But net drying occurred elsewhere. More rains are possible later this week, according to World Weather Inc.
Unions representing Argentina’s grain inspectors and its oilseed workers announced they would extend their wage strike on Sunday. This comes as the head of the country’s chamber of crushers and export companies says it has issued proposals for the unions and are asking them to meet on Monday.
The Supreme Court rejected an effort from Trump and his Republican allies Friday to wipe out the 2020 presidential election results in four key states and help keep him in the White House. The decision virtually ends Trump’s legal push over the past few weeks to reverse the outcome of the 2020 election.
Markets are so far paying little attention to reports over the weekend that a major computer hack of some U.S. government offices has occurred over the past months, with many believing Russia is the culprit. The Treasury and the Department of Commerce were among those hit.
South Korea’s ag ministry issued a 48-hour movement control order starting at midnight Friday for all poultry farms and livestock production facilities, including their vehicles and personnel, the country’s ag ministry said in a statement. This came in response to a rise in highly pathogenic bird flu cases.
Cattle futures ended last week on a strong note, despite the freefall in boxed beef values. Price action signaled futures may have put in a short-term low. Lean hog futures faced pressure to close last week, with the February contract stopping just shy of support at the 200-day moving average. A break through that level and the November low could trigger additional technical-based selling. Cash hog bids slipped 77 cents nationally on Friday, though the western Corn Belt saw a 90-cent rise.
