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Good Morning farm country. Davis Michaelsen here with your morning update for Friday, March 12. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:
Corn futures are 3 to 5 cents lower, with soybeans down 6 to 7 cents. SRW wheat futures are down a penny, while HRW and HRS wheat are steady to 3 cents higher. Crude oil futures are slightly lower, and the U.S. dollar index has retraced yesterday’s losses. U.S. stock indexes are pointed toward weaker openings amid some profit-taking and a routine pullback after the Dow and S&P 500 indexes hit record highs Thursday.
Data for the week up to March 10 showed investors piling into equities, while pulling money from traditional hedges and fixed income. In fact, traders put $31.5 billion into stocks, while taking $1.8 billion out of gold and $15.4 billion out of bonds, according to BofA Global Research.
President Biden has set July 4 as target for return to some normality while calling for continued vigilance. The Biden administration also announced it would double the number of retail pharmacies and federal mass vaccination sites, as well as mobilizing thousands of vaccinators, including active-duty military, FEMA and retired doctors and nurses.
The first checks of up to $1,400 will land in bank accounts this weekend via direct deposit, White House press secretary Jen Psaki announced Thursday. Payments to eligible Americans will continue over the next several weeks, she said.
The net worth of U.S. households finished 2020 at the highest level on record, as soaring prices for stocks, real estate and other assets erased losses inflicted by the coronavirus pandemic and related economic downturn. Household net worth ended the fourth quarter up 5.6% from the third quarter and 10% from the end of 2019.
This morning, Biden is expected to speak virtually with leaders of Japan, India and Australia. The group, known as the Quad, is a strategic alliance focused on addressing mutual concerns over China.
OPEC increased its global oil demand forecast by as much as 200,000 barrels a day. the alliance also raised its forecast for global economic growth by 0.3 percentage points to 5.1%. The cartel cited the U.S.’ latest $1.9 trillion fiscal stimulus bill and “the continuing recovery in Asian economies” in its move.
The U.S. International Trade Commission (ITC) Thursday voted that imports of phosphate fertilizers from Morocco and Russia are causing material injury to the U.S. phosphate industry. The U.S. Department of Commerce will now issue countervailing duty orders on imports of phosphate fertilizers from Morocco and Russia.
A major snowstorm is expected to move across Colorado and western Nebraska today through the weekend, bringing heavy snowfall, cold rain and wind to these cattle producing areas. Cash prices ranged from $112 to $114 in Iowa yesterday, with Nebraska seeing some additional trade around $112.
Lean hog futures again posted a strong rally on Thursday, with futures registering new-contract highs and June lean hogs nearing the $100 per cwt. mark. Reports of African swine fever within the country’s large hog facilities causing major sow and piglet loss have traders optimistic about export demand to China.
