Corn futures strengthened overnight, with futures currently trading low-range but up 7 to 9 cents. Soybeans are also trading well off their highs with futures up 7 to 10 cents. Spring wheat has soared 16 to 19 cents, with September gapping higher and registering a new contract high of $9.44 1/2. That’s the highest price on the continuation chart since Nov 2012. SRW and HRW wheat futures have climbed 8 to 10 cents on spillover support. The U.S. dollar index is modestly higher. Crude oil futures are under heavy pressure.
Weekend rains once again favored southern and eastern areas of the Midwest, though some rains did fall in north-central North Dakota and the Central Plains. Weather was dry in other areas of the western Corn Belt. As expected, temperatures climbed well into the 90s for the Dakotas, with Montana recording temperatures in the 100s F.
China imported 3.75 MMT of corn during June, up 305% from year-ago, according to data released by the General Administration of Customs. That pushes its year-to-date (YTD) imports to 15.3 MMT, a 319% surge from year-ago.
OPEC+ producers reportedly agreed to increase crude oil production by 400,000 barrels a day, moving to restore capacity they cut at the start of the Covid-19 pandemic, the Wall Street Journal first reported.
Senate Majority Leader Chuck Schumer (D-N.Y.) said Thursday that he intends to hold a vote to begin debate on the bipartisan infrastructure framework on Wednesday. While a group of bipartisan senators agreed to the plan generally a few weeks ago, no legislative text has been released yet on either infrastructure measure.
Several Russian bread producers have informed retail chains they plan to increase prices by 7% to 12% from August as production costs have risen and state support has had limited impact, according to the Kommersant daily.
Economists surveyed this month by the WSJ, on average, estimated that the economy expanded at a 9.1% seasonally adjusted annual rate in the April-to-June period. That would mark the second-fastest pace since 1983. The survey respondents see growth cooling to a 7% pace in the third quarter.
Over the weekend, Germany confirmed a third case of African swine fever on a farm in the country’s eastern state of Brandenburg.
On Sunday, China’s Sichuan province said it had detected ASF in piglets being illegally transported from other provinces.
This is a report-heavy week for the cattle complex, with USDA releasing its monthly Cold Storage update on Thursday and its Cattle on Feed Report Friday. Cash cattle action softened as the week progressed, but trade was generally steady with the week prior.
Rising wholesale values boosted hog futures Friday, with strong demand for pork coinciding with tightening supplies. The pork cutout value climbed 42 cents on Friday, though movement was light.
