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Good Morning farm country. Davis Michaelsen here with your morning update for Wednesday, March 10. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:
Corn futures are down 4 to 10 cents and near session lows, with old-crop contracts leading losses. Soybean opened higher but quickly turned down, with futures currently posting losses of 14 to 21 cents. Winter and spring wheat futures are down 8 to 13 cents, with the HRW market leading losses. Crude oil futures are slightly higher, as is the U.S. dollar index.
The House will vote today to clear the $1.9-trillion Covid/stimulus package for President Joe Biden’s signature today, Majority Leader Steny Hoyer (D-Md.) said. The House is expected to vote along party lines to send the bill to Biden’s desk, following similar votes during the last few weeks.
Economists surveyed by the Wall Street Journal expect 5.95% GDP growth from the fourth quarter of 2020 to the fourth quarter of 2021, the fastest in nearly 40 years. The analysts also lifted their forecasts for inflation and job growth from last month’s survey.
Port premiums for Brazilian soybeans have turned negative for the first time in years, Luiz Roque, an analyst with the agribusiness consultancy Safras & Mercado, said yesterday. He pointed out trucks in some areas of Brazil are waiting two days in line to unload grains.
Washington and Beijing are finalizing details of the first high-level meeting between the powers since Biden took office, according to four people familiar with the talks first cited by the South China Morning Post. The negotiations could lead to Antony Blinken, secretary of state, and Jake Sullivan, national security adviser, meeting their Chinese counterparts.
USDA announced yesterday it will postpone signup for the Conservation Reserve Program (CRP) Grasslands program that was supposed to start mid-March “until further notice.” USDA’s Farm Service Agency (FSA) will announce new signup dates in the coming weeks, as the Administration is currently evaluating the program and ways to increase enrollment.
USDA Secretary Tom Vilsack spoke with European Union Commissioner for Agriculture and Rural Development Janusz Wojciechowski Tuesday, focusing on “environment, rural economies, and trade.” From the European side, Wojciechowski said on social media, “… Happy to share similar views on issues of common interest such as sustainability, climate change and organics, where active bilateral cooperation is needed.”
Cash cattle trade got started in Iowa yesterday at $114, steady to up $2 compared with action in the state the week prior. Nebraska also saw active trade at steady prices of $114 preceding another winter storm event. Texas saw some light trade at $113, down a buck from the week prior.
The pork cutout value jumped $1.91 Tuesday and movement surged. Bellies and picnics led the price rally, with hams the only cut moving lower. Cash hog bids edged another 7 cents higher, nationally.
