What You Need to Know Today:
There is a global rotation out of tech stocks right now amid profit-taking and expectations of interest rate hikes later this year. The White House said Iran will use its upcoming unsanctioned oil revenue to buy U.S. agricultural products, a claim that Iran later said would not involve U.S. corn, soybeans, or wheat. Geopolitical tensions easing in the Persian Gulf are creating incentives for money managers to pull risk out of the market, which is dragging wheat futures lower. Favorable U.S. crop weather is pressuring corn and soybeans, with the former looking vulnerable to further downside moves, possibly to fresh contract lows.
The Big Picture: Risk-off and profit-taking were the big themes in financial...
USDA will release its Quarterly Hogs and Pigs report on Thursday. Below are analysts’ estimates for the report. The biggest change since the 1 March report is the number of market hogs, which is expected to be up 1.1 percent from what was implied in March. The percent increase in hogs we...
Key Takeaways: Argentina is a major global agricultural exporter, but producer returns have historically been constrained by export taxes. Export taxes have been a long-standing policy tool since 1955, reintroduced in 2002 after Argentina’s financial crisis, and have since remained a key...
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt Grain Situation Recap: Egypt’s wheat market is very quiet due to good stocks and low demand. Private sector millers are using local wheat production. Egypt’s maize imports have picked up this week, with shipment...
