July corn down 4 at $3.9025
July beans up 2 at $8.24
The DOW is down
USD is weaker
Crude oil down $.91 at $62.22
Corn traders continue to heavily debate the U.S. crop. Keep in mind, a huge chunk of the corn belt will see final planting dates come into play this Saturday May 25th. Then another major chunk of the corn belt will face final planting dates on Friday, May 31st, and all of the entire corn belt by Wednesday, June 5th, which is exactly two weeks away. The forecasts look extremely wet through the finish line, with perhaps a bit of discrepancy between the GFS and European models towards the back end of the maps, but for the most part limited opportunities for producers to get the crop in the ground. The short term trend for July corn is bullish. Key resistance sits at 406. Stable trade over 380.25 leaves the market in a bullish position. Closing under 377.5 signals renewed weakness.
Soybean bulls got hit with another bearish headline yesterday as more rumors circulated that Washington is heavily considering another round of subsidies for U.S. producers. We’ve been hearing similar talk since last Thursday, $2.00 per bushel for soybeans, 63 cents per bushel for wheat, and 4 cents per bushel for corn growers. Despite the 30 cent rally recently, their position remains deeply in the black. The short term trend for July beans is now neutral-negative after Tuesday’s bear reversal. Closing under 811.5 signals a return to the lows. Stable action over 848.25 is needed to provide fresh upside targets.
For the second time in the past 7 days, China has confirmed a new outbreak of African swine fever in the country — this time in the northwestern region of Ningxia. The disease killed three pigs in the province. Since August 2018, the Chinese Ag Ministry has reported more than 120 outbreaks of the incurable disease in all of its mainland provinces and regions. (Source: Reuters)
A new project at Ohio State University is rethinking how to make small-scale urban farming sustainable and economically feasible. Students received a $2 million grant from the Foundation for Food and Ag Research to create a way to connect and support dozens of small micro farms so they’re both economically and environmentally sustainable. While urban farming has taken off in recent years, it’s difficult to keep them afloat as they fail to bring producers a living wage with sales of under $10,000 a year on average. (Source: Ideastream)
According to a new study by beer industry groups, the U.S. beer industry now supports more than 2 million jobs, including 70,000 directly in brewing or importing. (Source: BeerServesAmerica)
In response to both the high costs and environmental impacts of synthetic fertilizers like nitrogen, the Gates Foundation’s Engineering Nitrogen Symbiosis for Africa (ENSA) project decided to do a deep dive into the genetics of plants that do and don’t form nodules to learn more about how the trait evolved. They discovered that nitrogen symbiosis developed from an even more ancient plant partnership. Some millions of years ago, before plants colonized land, they began sharing nutrients with fungi. Plants rely on this relationship, called mycorrhizal symbiosis, to extract phosphorous from their environment. By looking at plant genes, the ENSA team determined that nitrogen symbiosis evolved from mycorrhizal symbiosis as early as 100 million years ago. But many of the plants that don’t form nodules do have symbiotic relationships with their fungal friends. So why did these plants miss the evolutionary boat on nitrogen? The ENSA team suggests they didn’t. Some more modern woody species, such as apples and walnuts, actually evolved from nitrogen-fixers but have since lost the ability to form nodules. To break up with their nitrogen-fixing bacterial partners, these pre-agricultural species really only had to lose three genes.