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Good Morning farm country. Davis Michaelsen here with your morning update for Wednesday, March 31. From Pro Farmer’s First Thing Today, these are some of the stories we are watching this morning:
Corn futures are fractionally to a penny higher in most contracts and soybeans have retraced 5 to 7 cents of yesterday’s losses as traders prepare for USDA’s key reports on quarterly grain stocks and survey-based planting intentions. Winter and spring wheat futures are steady to a penny higher. The U.S. dollar index has moved off its multi-month highs and crude oil futures are also facing light pressure.
Key USDA reports on planting intentions and quarterly grain stocks are coming today. These reports, especially the quarterly grain stocks update, have a history of surprising the market and causing some major price moves.
Brazil could export a record amount of soybeans in March, assuming a best case scenario, according to the association of exporters ANEC.
China’s official purchasing managers’ index (PMI) climbed 1.3 points from February to March, with the index now standing at 51.9 points, a three month high, according to the country’s National Bureau of Statistics.
Consumer confidence surged more than expected in March. The Conference Board reported Tuesday that its index of consumer confidence rose from 90.4 in February to 109.7 in March, the highest level since the beginning of the pandemic.
The Wall Street Journal reports that on Monday morning, 24 container ships carrying tens of thousands of boxes holding millions of dollars’ worth of washing machines, medical equipment, consumer electronics and other goods were anchored off the coast waiting for space at the ports of Los Angeles and Long Beach.
In a blow to AstraZeneca’s Covid-19 vaccine, Germany says it will halt its use for people under 60 starting today. The move, endorsed by regional health ministers and announced by Chancellor Angela Merkel, comes after new cases of blood clots associated with the vaccine.
President Joe Biden today will call for a $2.25-trillion investment in the nation’s roads, waterways, airports, electric grid and broadband, arguing that a literal rebuilding of the nation’s infrastructure would lead to an economic boom, help fight climate change, advance racial equity and advance American competitiveness.
U.S. gasoline sales for the week ending March 20 were 10.1% higher than at the same point last year. It’s the first time this year that gasoline demand surpassed 2020 levels, according to new data released today by Oil Price Information Service (OPIS) by IHS Markit.
Boxed beef values soared yesterday and movement picked up — a welcome shift after light tallies the past three sessions. Asking prices for cash cattle range from $117 to $120, but so far there have just been some light sales.
May through July lean hog futures once again shot to new contract highs on Tuesday, with other contract months close behind. Cash hog bids slipped 54 cents on Tuesday.
