Markets - General
Corn Prices Boosted by USDA Report Reflecting Robust Exports, Ethanol’s Rapid Recovery from COVID-19
USDA’s June World Agricultural Supply and Demand Estimates (WASDE) caused corn prices to hang on to the day’s gains, but spurred soybean prices to tumble Thursday.
Commodity markets were under pressure Friday. The drop was partially due to a report the Biden Administration is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates.
The change in the weather forecast sent commodity prices plummeting Monday. Corn and soybean prices saw pressure after the weather models produced an outlook for wetter and cooler weather by the end of the week.
Soybean prices saw the largest single-day drop in history on Thursday. Prices crashed vigorously, with July and August soybeans down more than $1 on Thursday. This tops any one-day record for a deferred contract.
China will issue new rules on the management of price indexes for commodities and services, it said on Thursday as the government steps up scrutiny of the country’s commodity markets and battles to contain inflation.
Thursday’s historic price loss was spurred by weather forecasts, but it wasn’t the only factor that fueled the drop. As prices clawed back Friday, analysts say it will take multiple factors to see higher highs.
ICE cotton futures rose to their highest in nearly a week on Tuesday, propelled by fears of damage to the natural fiber crop in the delta region due to heavy rains.
Analysts on the Pro Farmer Crop Tour say 2020 is different than the rest.
An unprecedented meeting held early this month among major cattle industry representatives has now produced plans for change. It’s happening while a group of U.S. lawmakers are also asking the DOJ for answers.