Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Grains continue to rally putting in weather premium and ahead of USDA Reports.
Markets open higher Monday except cattle. Michelle Rook has analysis with Tomm Pfitzenmaier of Summit Commodity Brokerage.
December corn futures surged 27 1/4 cents to $6.23 1/2, up 16 cents for the week and the contract’s highest closing price since June 29.
Oil refining companies and their labor union representatives pressed the Environmental Protection Agency at a virtual meeting last week to lower costs of the nation’s biofuel blending program. . .
Grains were higher on Friday, hogs mixed, while cattle saw losses.
The U.S. exported $17.1 billion of ag goods against imports of $17.8 billion for a deficit of $656 million in May.
Grain futures continue to rally putting in weather premium, with livestock pricing in higher grains and consolidating.
The recovery continues in the grains, with a little help from weather. Is it sustainable?
Grains continue to extend recovery gains Friday morning, cattle are higher, but hogs are seeing some profit taking.
U.S. ethanol production during the week ended July 1 averaged 1.044 million barrels per day (bpd), down 7,000 bpd . . .
The U.S. Chamber of Commerce is calling on President Joe Biden to help resolve a dispute between the country’s Class 1 railroads and 12 rail unions to avert a possible rail strike beginning July 18.
Grains all ended higher on Thursday continuing to consolidate Hogs also saw gains, with a mixed close in cattle.
Grains try to recover Wednesday after recent selloff, while livestock post strong closes.
Midday markets are showing continued recovery in grains, mixed livestock.
For the week ended July 1, the pork price in China was 26.25 yuan ($3.91) per kilogram.
A mostly higher opening on Thursday in the markets.
The U.S. has warned the Kremlin is trying to profit by selling stolen wheat from Ukraine to drought-stricken countries in Africa.
Soybean yields in northern Argentina are a little better than expected.
The only major new element is payments to 195 biofuel production facilities. . .
Price action summary and outlook for wheat
July soybeans surged 29 cents to $17.69, the highest close for a nearby contract since September 2012.
FAO: Global food import costs will hit record, higher input costs could worsen situation...
Cotton planting advanced to 84%, eight points ahead of the five-year average.
USDA’s first crop condition ratings pegged 73% of the crop as “good” to “excellent. . .
Regan again assures coming WOTUS regs will be ‘complementary’ to Supreme Court ruling...
The U.S. exported 304.0 million lbs. of beef during April, which was a record for the month and the second highest tally ever behind May 2021.
The U.S. exported $17.61 billion of ag goods against imports of $17.63 billion . . .
Strategas chief economist Don Rissmiller coined the Rule of 10 in 2011 — a theory that the U.S. economy is troubled when interest rates combined with energy prices reaches double digits.
Ag economists told the House Agriculture Subcommittee on General Farm Commodities and Risk Management Thursday that high input costs will likely persist even after commodity prices decline. . .
House Democrats are touting legislation that would create a special investigator for agricultural competition and permanently allow year-round sales of E15 fuel as inflation-fighting tools.