Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
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.
Some Republican senators are looking at options for blocking the Biden administration from requiring small oil refiners to comply with U.S. biofuel-blending rules.
A Ukrainian ag ministry official said on Monday the country’s grain harvest was likely to drop to around 48.5 MMT this year from 86 MMT last year following Russia’s invasion.
Heat advisories are in effect for the central U.S. today and tomorrow
EPA will release its proposed rule on the 2023 volume standards for biofuel under the Renewable Fuel Standard (RFS) in September. . .
China’s soymeal inventories have tripled over the past three months as large volumes of soybeans arrived in the country and feed demand is weak.
The U.S. government filed a brief to the Supreme Court supporting the National Pork Producers Council (NPPC) and Farm Bureau challenge to California’s animal housing law. . .
In the midst of a crop tour of Brazil’s main corn areas, Agroconsult raised its safrinha corn crop estimate . . .
The American Soybean Assoc. provided comments to USDA’s request for information on competition in the seed market, “underscoring the need to ensure growers have access to affordable inputs and a healthy market.”
Private analytics firm IHS Markit Agribusiness on Wednesday raised its estimate of U.S. corn plantings . . .
Federal Reserve Bank of Cleveland President Loretta Mester said the risk of a recession in the U.S. economy is increasing, and that it will take several years to return to the central bank’s 2% inflation goal.
As the West endures another year of unrelenting drought, the Colorado River’s reservoirs have declined so low that major water cuts will be necessary next year . . .