Corn
Soybean exports top 1 million metric tons.
30-day outlook calls for below-normal precip and above-normal temps across Central & Southern Plains.
Cotton sales to China again bulk of weekly total.
Active weather pattern around next 10-plus days.
Rains in the forecast for Midwest, helping to alleviate drought.
Beef and cotton sales improve on last week’s pace.
Markets have positive financial news to digest today.
Beef sales slightly below last week’s level.
30-day outlook calls for below-normal precip across Central & Southern Plains
Still a lot of rain is needed to end the long-lasting drought in the Southern Plains.
Showers also benefit crops in Australia.
But near-term outlook is promising for meaningful rains in the Southern Plains.
Recent sharp drops in corn prices may cause some pain for producers, but end users benefit. This is how the free market should and does work, says Jerry Gulke.
Drought brought higher placements, but WASDE expects carcass weights to drop.
While not a drought buster, the welcomed rains will help fill dried tanks and recharge dwindling water supplies.
It’s too early to predict the effects on crop yields and livestock production, but 2011 is definitely not going to be as good as 2010 in Louisiana.