Category: Weekly Prices

23 Jul 2021

AG MARKET UPDATE: JULY 15 – 22

Corn made small gains early in the week only to fall short heading into the weekend as weakness continues to creep into the market with poor exports continuing and weather uncertainty. The hottest temperatures of the year for the plains and western corn belt are expected in the next few days with the only relief possibly coming past the 7 day forecast. As bad as things seem in the western corn belt, the eastern corn belt is having great weather, but will it be enough to offset those loses?

Brazil’s crop continues to get smaller, despite the USDA not making any major outlook changes, as they experience more freezing temperatures on their corn crop. China continues to sit on the sideline with no big purchases as they wait for lower prices before buying US corn. We know they will need to make purchases at some point but as we have seen in the past when there is no news from China prices tend to dip until they make a purchase so they will be quiet waiting for the right time to buy.

Via Barchart                          Soybeans had a rough Thursday as the extended forecast offered a chance of help.  We have to remember that extended, is just that – it’s NOT tomorrow – and just as help was added it can go back to hot and dry in one weather report. You’ll note in the chart below that beans have been trading mostly sideways since the start of May. This will probably continue unless some unforeseen news hits the markets or a major weather event/change in forecast happens. The next major report is the August 12th report which could be what finally gets us out of the range (whether to the upside or downside is TBD).

The bean oil market has added volatility to beans as well as the Biden administration’s silence on their direction for the bio fuel industry.  Their lack of action, one way or the other, is hurting beans and bean oil as producers remain with unanswered questions which leads to uneasiness (read volatility).

Via Barchart

Dow Jones

The Dow lost on the week (Thursday-Thursday) following a large selloff on Monday followed by 3 straight days of gains. The market was trading positively into the week’s end as well getting back over 35,000 in intraday. The Delta variant worries seem to be biggest fear in the market right now as it spread dangerously throughout under vaccinated areas of the country threatening the continued reopening.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The maps below show the current drought conditions in the US. The second map is last week’s so you can see how the areas that received rain improved or did not. The wild fires continue to rage in the west as smoke from them has carried all the way to Southeastern US.

Via Barchart.com

16 Jul 2021

AG MARKET UPDATE: JULY 8 – 15

Corn rallied this week following Monday’s USDA report that was relatively neutral. The USDA left expected US yield the same while slightly lowering the 20/21 ending stocks and raising the 2021 production. The USDA did lower Brazil’s corn production numbers, but some estimates still think they are overstating what it will be. The USDA dropped Brazil’s corn production from 98.5 million tons to 93 million, while only raising Argentina’s 1.5 million. The drought conditions persist in the upper Midwest as some areas are expected to get rain over the weekend. The drought in the Canadian prairies and Dakotas does not have any major relief in the forecast as heat and dryness remains in the next weeks forecast. Exports this week were small but not surprising. Weather continues to be the main driver as markets will react to where it rained and how much over the weekend to start next week. Currently about 36% of the US corn production is in an area experiencing drought. As you can see in the drought monitor below northern Iowa and southern Minnesota is a good amount of that.

Via Barchart                          

Soybeans gained on the week as well following the USDA report. There was no adjustment to expected yield and only slight adjustments higher to ending stocks. Beans kept up their momentum following the report for the week before cooling off Thursday. It will be important how they end the week and open Sunday to set the tone for next week. Weather continues to be the main market mover as it will be important heading into the end of July and August. About 31% of the soybean production is in an area currently experiencing drought so any and all rain will be welcome for the crop but the price will be impacted as well.

Via Barchart

Dow Jones

The Dow gained on the week despite growing inflation concerns and Powell’s comments about Fed strategy. The Biden administration’s child tax credit has arrived as well with it going into effect this week. The Delta variant continues to spread around the US with some places beginning to bring back mask requirements.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The maps below show the current drought conditions in the US. The second map is last week’s so you can see how the areas that received rain improved or did not.

Via Barchart.com

 

 

09 Jul 2021

AG MARKET UPDATE: JULY 1-8

The corn market fell thanks to the rain that was received in the Upper Midwest over the 4th of July weekend. As always when it rains in areas that need it the most, the market freaks out as if it is a crop making/saving rain. The reality is, although the rain was helpful, there are still significant drought conditions across most of the areas that received rain (see in the drought chart at the bottom). With this said, next week is forecasting rain across the western corn belt providing some more relief to those areas before returning to hot and dry after.

CONAB (Brazil’s USDA) updated their yield expectations this morning by cutting their corn crop by 3 million metric tons (120 million bushels). This change came before a freeze event they had recently which could lead to problems and another cut of their expected crop. The USDA will update their estimates of the South American crop next week in the report.

The weekly ethanol report was bullish as production was 2% ahead of pre-Covid 2019 levels. US drivers drove a record amount over the 4th of July weekend with indications that usage for the summer could be a new record. The USDA is expected to increase their estimates for corn used for ethanol coming up as their numbers are lagging the actual pace.

Via Barchart                        Soybeans, like corn, fell following the holiday weekend with huge losses on Tuesday to start the week. Weather remains the main focus of the markets as rains in the next week will help but forecasts have it followed by heat and dryness. Bean crop conditions this week were down 1% to 59% g/e. The soybean balance sheet does not have as much room for error as corn so any adverse soybean news will be bullish for the market. The long term up trend broke about 3 weeks ago but prices are still at a great level compared to what we were seeing this time last year. The report on Monday will help tell us what other news should be moving the market other than weather but headlines love to say it rained.

Via Barchart

Dow Jones

The Dow lost on the week after a tough Thursday in the markets. The market bounced back well off its lows on Thursday into the close however to keep some momentum. The markets have been volatile, but the big picture is important as we have traded in the range above 34,000 for most of the last 2 months. The delta variant has had many people worried and keeping an eye on the market for any indicator of how bad it could end up being for continued reopening around the world.

Lumber

Lumber prices have flattened out the last couple weeks after losing over half its value from the peak. Markets are hinting at this being the beginning of a rebalancing as the producers and suppliers feel out the supply and demand story.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The maps below show the current US drought conditions this week vs last week. As you can see the rain that freaked out some in the markets did not exactly fix the drought problems. The rain was helpful but will need more consistent sustained rain to help the crop in the coming months.

Via Barchart.com

 

 

02 Jul 2021

AG MARKET UPDATE: JUNE 18 – JULY 1

The USDA Acreage report was released this week and was bullish for corn. Planted acres came in @ 92.70 million acres, which was below the average estimate of 93.787 million. June 1st stocks were also slightly lower than estimates coming in at 4.112 billion bushels. For the second year in a row the USDA came out with less planted acres than pre-report estimates. There was also a note at the start of the report saying there are still 2.18 million acres intended to be planted during the survey time of May 29-June 17. This means that the 92.70 million number may end up being lower as odds are not all the 2.18 million acres got planted. This combined with the lower stocks gave corn a big boost as Dec’ 21 futures went limit up post report.

This is the last major market moving report (historically) of the summer, which means we are now in a weather market for the time being. The upper Midwest is still very dry and needs relief as you can see in the drought monitor chart at the bottom.

Via Barchart                       

Soybeans, like corn, saw big gains following the release of the acreage report. Planted acres came in at 87.6 million acres, below the average estimate of 88.955 million. The June 1st stocks were also lower than estimates coming in at 767 million bushels, 20 million lower than the average estimate. Beans had a similar post report reaction to corn because the bullishness of the numbers were similar. With acres and stocks both being smaller than anticipated this will put pressure on the crop and weather during August will be very important for not only the crop but also the price.

Via Barchart

Wheat had a neutral report but followed corn and soybeans higher after. Wheat looks to be forming a bottom on the charts but July weather is still critical for the plains/Canadian wheat crop. Wheat struggled lower on Thursday as they had their own trade and did not follow the lead of corn and soybeans. Weather this month will be important for the crop as we are also in a weather market for wheat too.

Via Barchart

Dow Jones

The Dow gained on the week as all major indexes had a good week as trade continues to be getting back to normal following the covid lockdown of the last year. The Dow closed out the month strong after seeing major weakness the first half of June.

Lumber

Lumber prices have continued their slide down and are back in the 700s after trading into the mid 1700s in early May. The pressure on the market looks to continue as the downturn has been sharp.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest and continued sever drought in the western US.

  

Via Barchart.com

 

 

11 Jun 2021

AG MARKET UPDATE: JUNE 4-11

Corn had another good week that was made better following the bullish news in Thursday’s WASDE report. At the start of the week corn planting was seen as 91% complete with little progress being made from last week but at this point in the process limited progress is expected. The dryness in the Midwest and other areas of the corn belt can be seen in the drought monitor below. The USDA agreed with what many in the industry have been saying by reducing US and world ending stocks.

20/21 US ending stocks was adjusted down to 1.107 billion bushels from 1.257 in the May report while 21/22 ending stocks were adjusted down to 1.357 billion bushels from 1.507 in May. World ending stocks for 20/21 were lowered to 280.60 million tonnes from 283.53 while the 21/22 was also lowered to 289.41 million tonnes from 292.30. There is still a disconnect between the USDA and the public on what’s going on in South America and the size of their crop. Word on the street is that it has been shrinking as weather woes caused issues but the USDA does not have them down nearly as much in this report.

Now that growing season has started weather and specifically where it does and does not rain will be the main price driving factors.  The upper Midwest is dry but the delta just got torrential rains this week and areas in Indiana and Ohio have been soaked too. The rain in the Dakotas and Iowa to end the week will help but still need rain over extended periods to get back to good growing conditions.

Via Barchart

Soybeans slipped a bit on the week but are still hanging on inside the recent range. Bean news has been quiet as of late with no market specific news, unlike corn. Soybean planting was seen as 80% complete to start the week with some continued progress to be made. The USDA WASDE report was more bearish for beans than corn but markets responded well after.

The 20/21 US ending stocks were raised from 120 million bushels to 135 million and the 21/22 ending stocks were raised form 140 million to 155 million bushels respectively. These were both still within trade estimates so no major shock with the US or the world stocks. The 20/21 world ending stocks were raised from 86.55 million tonnes to 88 million and the 21/22 ending stocks were raised from 91.10 million to 92.55. Raising the stocks month over month is usually bearish and old crop took a hit while new crop rallied on the report.

Markets moved lower Friday with rain coming in some much needed areas heading into the weekend.

Via Barchart

Cotton has seen modest gains this week after soaking rains and flooding in areas of the Delta. The WASDE report this week showed the expected directionally bullish revisions. There were no major surprises, but their numbers may be hinting at a continued decline in production going up against the rising levels of global consumption. The USDA projections for 21/22 show a 100,000 bale increase in exports from last month to 14.8 million bales. As exports continue to be strong for the 20/21 crop ending stocks were lowered 200,000 bales to 2.9 million ending stocks. Global ending stocks were lower as well with consumption rising.

Via Barchart

Dow Jones

The Dow lost slightly on the week as news was slow with no major market news or movers. Covid openings continue as numbers continue to decline in the US while there are still problems around the world.

Lumber

Lumber prices have dipped recently but are still at very high levels historically. Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows current drought conditions and the continued problems in the upper Midwest. More drought conditions have crept into southern Iowa and parts of Nebraska in the last week. Heat over the next two weeks will be a problem in the Dakotas and western corn belt.

Via Barchart

 

28 May 2021

AG MARKET UPDATE: MAY 22-28

Volatility was the story this week as you can see the dip and bounce back over the last few days in the chart below. Surprisingly it was not the funds alone that triggered the selloff but rather a more balanced mix of funds, commercials, and farmer selling – in short – it appears to have been a bit of profit taking into the end of the month.

Corn had strong exports this week with no major cancellations (despite rumors to start the week).  While these rumors of a cancellation dropped prices aggressively, the subsequent large sales of new crop corn to China, following the dip, ended up saving China quite a bit of money while also rebounding our markets. Seller beware when China is the main buyer.

The weekly ethanol grind was 294MGa and well above the weekly pace needed to meet the annual USDA estimate. Corn was seen as being 91% planted to start the week along with great weather across most of the US heading into Memorial Day weekend.

Via Barchart


Soybeans made small gains on the week with lower volatility than corn but similar price movement. Exports were solid in old crop beans giving the bulls some momentum to work with heading  into the weekend. Exports were strong again this week, which is a welcome sign after slowing the last couple. The soybean crop was seen as about 80% planted at the start of the week as progress continues across the country. The recent loses have made US commodities competitive again in the world market allowing for some stronger demand into the end of the year. Once we get on the other side of Memorial Day the June weather outlook will start to be important as most of the crop will be in the ground and some already well into growing.

Via Barchart

Dow Jones

The Dow and other indexes gained on the week with improving opening conditions and support for some of the major market players in the S&P. Republicans and Democrats continue to work on their versions of the infrastructure plan the Biden White House wants to pass.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows this week’s drought conditions across the US. Many areas across the corn belt received rain over the week while others, like the Dakotas and Michigan, remain dry.

Via Barchart

21 May 2021

AG MARKET UPDATE: MAY 15-21

Corn had a decent week following the collapse to end last week’s trading. The biggest news was on the export front where China continued their large purchases of corn adding on to the impressive pace of Chinese buying for new crop. The US weather looks good for planting as some areas continue to try to get their crop in the ground ahead of summer temperatures setting in across the country. Other corn demand news remains positive as the EPA is expected to leave the ethanol mandate unchanged and Brazil’s second corn crop continues to shrink. Brazilian private analysis firm Agro-consult cut their estimate of Brazil’s corn crop to 91.1 million metric tons which is 10.9 mmt (430 million bushels) under last week’s USDA estimate. With a shrinking South American crop the demand for US corn this year should be high.  That said, anything under 175 bpa yield could really tighten the balance sheets. US corn was seen as being 80% planted at the start of the week with more progress made this week.

Via Barchart


Soybeans continued its dip down this week as the demand has shifted to Brazil where prices are currently lower than in the US in the near term. Funds have taken profits after holding historic long positions.  It will be important for them to get involved if we want another run up as demand and US weather will be the main fundamental drivers for the near future. Soybean planting was seen as being 61% complete to start the week as more progress was made this week. Good weather vs a slowing in demand has given the bears momentum this week but there is still a long way to go and we know China is likely needing to make additional bean purchases along with corn.

Via Barchart

Dow Jones

The Dow has made small gains on the week as the markets remain volatile with up and down days. Covid around the world delaying reopening’s are causing some issues in places, like Japan, which has the worlds 3rd largest economy.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out our recent podcast with Dr. Greg Willoughby: We’re talking with Greg in the new episode about being a “plant doctor”, weather patterns, GMO & organic produce, crop history, technical advances, level 201 education on agronomy, the agronomy equation, Helena Agri, soil biology, American v European agriculture, Greg’s early background in livestock, and the advancement of native plants to modern produce.

https://rcmagservices.com/the-hedged-edge/

US Drought Monitor

The map below shows this week’s drought conditions across the US. Some areas received rain over the weekend improving some areas while others, like the Dakotas and Michigan, remain dry.

             Via Barchart 

 

07 May 2021

AG MARKET UPDATE: MAY 1-7


Corn continued it’s hot run this month with a great week in both old crop and new crop prices. As Brazil’s safrinha crop keeps facing a dry outlook, pressure is mounting on the US to produce a great crop to fulfill world demand. The US forecast is turning wetter for many major growing areas but remains cool for this time of year. The cool weather is not ideal for early growth, but the rain will be welcome in areas facing drought conditions (see map at bottom). There is a rumor of more Chinese interest in new crop which helped propel old crop to end the week. Despite poor exports this week, this news, along with South America’s troubles, have been the market moving news this week. The US corn crop is seen at 44% planted at the start of the week beginning May 3.

Via Barchart

 


Soybeans followed Corn this week as they also saw strong gains. China’s ASF news has slowed as of late which is good for export expectations to China. The world demand has continued to be strong and helpful to prices in both South America and the US, while US beans remain competitive in the world market even at these levels. The recent wet and colder weather across much of the US is not expected to cause any issues for the soybean crop except maybe pushing planting back in some areas where farmers also must wait to plant corn. 25% of the US soybean crop is seen as being planted for the week beginning May 3.

Via Barchart

 


The big question right now: What is going on with cotton? Cotton has not enjoyed in the rally in 2021 that other commodities have. The demand has been there, but there are already worries about the 2021 cotton crop. Normally these are a recipe for higher prices, right? The fundamentals would agree as higher comparative prices for other commodities may take away some cotton acres by the end of planting season. The technical side has been cotton’s enemy as of late as they have not been able to make new contract highs, unlike the grains. The world shipping bottleneck does not appear to be getting any better and as the US continues to come out of lockdowns along with other countries demand will only make it worse. This problem needs to be solved sooner rather than later.

Via Barchart

 


Dow Jones
The Dow was up this week while other indexes were mixed with the Nasdaq and Russel falling. As earnings continue to be reported many of the winners of the last year have posted strong quarters but it appears the momentum behind them have slowed as good earnings have sometimes been followed by selling.

Lumber
Check out our recent post about the lumber market and what all has been going on.

Podcast
Check out or recent podcasts with guests Elaine Kub and Kyle Little. Elaine and Jeff discuss grain markets and trading grains while Kyle helps give insight into the Lumber markets and what has been going on.

Listen with Kyle:

Listen now with Elaine

CME
CME Group announced this week that it will not re-open its trading pits that were closed last March at the start of the pandemic. The Eurodollar Options pit will remain open. See the full press release here.

US Drought Monitor
The map below shows the current drought conditions throughout the US as planting continues across the country.

 

Weekly Prices

Via Barchart.com

 

 

30 Apr 2021

AG Market Update: April 24-30

Volatility was the name of the game this week as many days saw wide trading ranges on both sides of unchanged. Looking at the chart below you can just how wide ranges the last few days have been.  Despite the volatlity, the May contract settled squarely within the range as of Thursday.  This volatility came about as we’ve faced a short squeeze on the front month May contract.  Coming into the week, there were nearly 200,000 open contracts, as of this morning there are only 12,500 – presumably many were on the short side and needed to cover.

Regardless of what has caused the rally – higher prices is GREAT for the American Farmer!

For the July contract and new crop Dec, the markets followed the May higher this week and most April as South America’s struggles with drought conditions begin to be seen in yield estimates.  Any rain after May 10th probably won’t be able to add must help this late in the game. As expected, exports were good this week but that has become the new normal. The epanded limits coming next week along with higher prices means we should probably expect volatility to hang around.

Via Barchart

Soybeans had small gains on the week as they also traded in wide ranges in the May contract in addition to future months. The short squeeze has end users scrambling with physical delivery coming up. Along with beans rallying, we have seen basis improve in many areas as buyers try get what is left out of farmers bins. A growing consensus among traders is that continued strong US cash bids indicate that the stock numbers are lower than the USDA reports.  Will the USDA adjust in the June report is a major question?  Bean meal and oil have also rallied in the past couple weeks aiding to soybeans rise. The fundamental news around the market was less in focus this week with the May contract expiration causing for most of the volatility.

Via Barchart

Dow Jones

The Dow was up slightly on the week as more news about reopenings continue to roll in and President Biden gave his first speech to Congress. Vaccination rates continue to be strong in many cities and New York City announced this week they will lift all restrictions for reopening July 1st.

Lumber

Check out our recent post about the lumber market and what all has been going on.

Podcast

Check out or recent podcasts with guests Elaine Kub and Kyle Little. Elaine and Jeff discuss grain markets and trading grains while Kyle helps give insight into the Lumber markets and what has been going on.

https://rcmagservices.com/the-hedged-edge/

 

Other News

On Monday, daily trading limits will expand for our major markets with corn increased from 25 cents to 40 cents, beans from 70 to $1.00 and wheat from 40 to 45.  The CBOT is not tipping their hand that they expect volatility this summer, the daily limit increases are largely due to the high prices to keep daily ranges in line with historic percentages of price.

 

US Drought Monitor

The map below shows what areas are currently experiencing drought conditions across the US. Not much changed from last week. The rains in Texas will help alleviate some dryness in the area but will not solve their moisture issues. Some dryness has crept into Illinois and Indiana but nothing to worry about right now.

 

Weekly prices

Via Barchart.com

23 Apr 2021

Ag Markets Update: April 17 – 23

Off to the races? Corn was limit up Thursday as prices for May corn topped $6.50 for the first time since 2013 continuing its impressive weekly run. The May option expiration occurring Friday has traders scrambling to cover short call option positions by buying futures and positioning themselves for next week’s first notice day. As we have been seeing in the cash market for a while with improving basis, it seems the futures market is catching up and realizing the market needs corn and it needs it now. Any farmers with old crop remaining has the cards in their hands looking to get prices high enough for them to make any sales. The cold weather/snow across much of the country this week is not expected to cause many issues except delaying planting a little longer in some areas as we wait for soil temperatures to get back up. Brazil’s dry outlook has not changed and will continue to put stress on a crop that does not need anymore problems. Continue to monitor the dryness in South America as problems there will transition to gains in our new crop markets as the world will need the US to produce a large crop.

Via Barchart

 

Soybeans gained on the week as they followed corn for similar reasons. The South American weather issues will not effect the soybean market like corn but as we have seen good news for one has been good news for the other. The may option expiration came into play as beans saw a strong rise on Thursday even though they were not limit up. Exports this week were nothing to write home about but still within expectations and well ahead of the pace needed to meet USDA estimates. With world demand high, the US needs to have a great crop to meet it and not cause issues in the world pipeline. As volume begins to pick up in the November contract it will be important to have a plan for marketing your crop this year as volatility is always around.

Via Barchart

 

Cotton did not enjoy the rally the grains had this week as they continue to trail the other markets in price competitiveness. Weekly exports are expected to decline going forward, not from a lack of demand, but from a lack of supply left in the US, which should be seen as bullish despite lower export numbers appearing bearish. The big head scratcher is why cotton prices are lagging the grain market so much when prices need to be competitive just to get all the acres in the ground. With corn and soybeans taking their next leg up this week, December cotton equivalent price should be about $1.11 vs. the current $.84. What is needed to get to this level? We could see what is currently playing out in the grain markets on option expiration causing a big boost when the next one comes up, but cotton needs a boost to get it all in the ground.

Via Barchart

 

Dow Jones

The Dow had been trading fairly evenly on the week with some down and up days until Thursday’s losses following the Biden administration stating their plans to increase the capital gains tax to over 40% for high earners. A number that high will face headwinds from the house and senate and is unlikely to come to fruition but the Biden administration did campaign on raising those and a raise should be expected.

Lumber

Check out our recent post about the lumber market and what all has been going on.

 

US Drought Monitor

The map below shows what areas are currently experiencing drought conditions across the US. Not much changed from last week.

 

Weekly Prices

Via Barchart.com