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🌽 Grains Higher as Oil Surges
Rising crude oil prices supported grain futures Thursday. May corn gained nearly 10¢ to ~$4.54, soybeans climbed nearly 10¢ to ~$11.79, and Chicago wheat rallied about 16¢ to ~$5.84. WTI crude jumped more than 8%, helping lift ag markets. Fresh highs were posted overnight in several corn, soybean, and wheat contracts. 📈
🛢️ White House Weighs Oil Price Measures
The Trump administration is considering steps to cool the recent oil rally, including tapping the Strategic Petroleum Reserve, waiving fuel blending requirements, and even potentially trading oil futures. WTI has surged about 20% since Sunday and moved above $80/bbl for the first time since July 2024. ⛽
🌱 Brazil Soybean Crop Raised
Agroconsult boosted its Brazil soybean crop estimate to a record 183.1 mmt, up 850k from the prior outlook. For comparison: USDA 180 mmt and Conab 178 mmt. 🇧🇷
🚢 Strong Corn Export Sales
US corn export sales impressed at 2 mmt (80 mb) last week, well above expectations. Soybeans and wheat were near the low end of estimates, with China and Mexico the top buyers respectively. 🌎
🌧️ Drought Expands in the Corn Belt
About 38% of the Corn Belt is now experiencing drought conditions, with deterioration across the High Plains.
Corn 51% | Soybeans 53% | Winter Wheat 56% | Spring Wheat 19% | Cattle 57% 🌾
🥩 Senate Bill Targets Meatpacker Structure
Senate Democrats introduced legislation that would limit major meatpackers to processing only one type of meat and impose concentration limits in the beef industry. Critics say it could weaken the supply chain and raise costs for consumers.
