Of note: The cost of urea fertilizer in the US GoM (New Orleans benchmark) is down to pre-war levels of ~$470 per metric ton (down ~33% from a peak of ~$710 in mid-April).
Urea prices also sharply lower (30-40% down) in Latam and Europe, although still above pre-war levels.
🇨🇳Excessive rains may have caused up to 10 million metric tons of Chinese wheat to sprout, which would downgrade roughly 7% of the crop from food to feed quality.
This could prompt China to import more wheat in the second half of this year.
USDA has now confirmed the detection of a New World screwworm in a bovine in Zavala County, Texas. The detection of the parasite, which is deadly to cattle, comes at a dire time for the US beef industry, with a smaller herd having already sent prices to record highs.
Market to Market...
In this video, @MarketToMarket covers entering the final review of USMCA without Canada, the battle blueberry growers face after harvest, and commodity market analysis with Brad Matthews.
Watch the full episode ⬇️
#USAg
The longs are leaving many of the commodities. Brad Matthews of @roachag tells us what their exit means in our Market Analysis and the importance of bean oil.
https://t.co/CYZHZEvLp3
Blueberries take precision that machines haven’t been able to replicate, but they are close. How that challenge is playing out is our Cover Story.
https://t.co/MQQaaLEbUN
The weather story has already played out in wheat country, but the Corn Belt is not quite there yet. Brad Matthews of @roachag is on our Market Plus.
https://t.co/veOkYWINqE