The uncertainty over yield and demand continues. The crop output side switches to bearish as improved rains are considered, but how much damage has there already been? Experience suggests not to underestimate crop genetics and the forgiveness they imbue for weather challenges. It has only been briefly a challenging growing season. Demand has generally been good, largely driven by China, it should continue good based on the Phase One commitments, but the siphoning sound is not guaranteed. There are three things to think about right now:
The trade is not going to gamble much ahead of the 11 September WASDE since that report will have a more concrete basis for its numbers.
The trade is not going to put itself into...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
