Headlines:

  • USDA CLOSES OFFICES IN FIVE U.S. STATES AFTER THREATS
    (Reuters) – The U.S. Department of Agriculture has closed six offices in five U.S. states after receiving anonymous threats, a USDA representative said on Tuesday. “Yesterday, USDA received several anonymous messages that are concerning for the safety of USDA personnel and its facilities. As a precaution, USDA has closed offices,” USDA spokesperson Matthew Herrick said in an emailed statement. Herrick said offices were closed in Fort Collins, Colorado; Hamden, Connecticut; Beltsville, Maryland; Raleigh, North Carolina; and Kearneysville and Leetown in West Virginia. White House spokesperson Josh Earnest said USDA was working with the Department of Homeland Security to ensure the safety of their offices and personnel, but he declined to provide any details about the threats. “In consultation with the Department of Homeland Security, USDA has taken some prudent steps to ensure the protection of its facilities and personnel,” he told a news conference. (Reporting by Tim Ahmann in Washington and P.J. Huffstutter in Chicago; Writing by Michael Hirtzer; Editing by Matthew Lewis).

Summary:

When it rains it pours…The USDA provided more fodder for the grain market selloff when the Crop Progress report showed an improved Soybean rating in the good to excellent category and the Corn crop continues to show a strong rating itself. It has been a perfect storm coming together with our projected timeline of the end of August or early September. Markets have been picking up downside steam on the heels of a stronger US Dollar, a large global grain feed supply and great crop ratings. Additionally, news of the upcoming Brazilian Corn crop size is starting to make a buzz.

Speaking of Brazil, the embattled Brazilian President tried to channel President Obama when trying to defend herself against the impeachment allegations. “Dilma Rousseff said that her major mistake was not to spend too much money, but not spending sufficiently. She is accused of breaking Brazil’s fiscal responsibility law by not achieving the goal of savings to pay debt interest and using funds of public banks to cover treasury expenditures. Rousseff said she should have imitated the Obama policy of stimulating the economy.”

Corn finished the day down 5 cents, Beans surrendered 11.50 cents and Wheat rounded out the day losing 5 cents as well.

PMW 30 Aug 2016[1]