Fig. 1-2: Current drought conditions across U.S. spring wheat and U.S. Corn Belt. Drought classification discussion: NOAA updated the U.S. Drought Monitor yesterday which indicates continued and worsening drought conditions across the U.S. spring wheat crop area and west/north U.S. Corn Belt (Fig. 1-2). Despite some recent rainfall, North Dakota maintains D3/D4 drought. It’s important…
Wheat Plagued by Commodity Sell-Off; Excessive Heat Impacts Russia; Importers Remain Active in Seeking Coverage: US wheat futures ended 10-25 cents lower, led by KC futures. Heat/dryness across the Plains will accelerate the HRW harvest into late month, while the gathering of SRW will be halted by active precip across the Delta and S Midwest.…
Hog Futures Mark Expanded Limit Losses: CME hog futures fell to the expanded $4.50 limit decline on Thursday. A top in the cash pork market along with massive fund liquidation across commodity markets pulled hog futures lower. The CME cash indexes were both lower on Thursday. The lean hog index was down $.08 at $122.60…
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