Wednesday June 2, 2021

• Markets battling strong crop ratings from the weekly report yesterday afternoon against a dry forecast for the month of June to end up trading both sides of unchanged so far this morning – corn having difficulty getting optimistic with planting all but finished and initial conditions higher than average 
• Private analyst AgRural cut their production estimate for Brazils second crop corn to 60 MMT – now 17 MMT below their initial estimate
  • NOTE: Yesterday I stated Stone X dropped their second crop corn production estimate to 89.7 MMT – CORRECTION the 89.7 MMT is StoneX’s estimate for TOTAL Brazilian corn production not just safrinha – their estimate for the safrinha crop is 62 MMT
• U.S. soybeans used for crush in the month of April came in yesterday below estimates at 169.9 million bu, corn used for ethanol was 410 million bu – below March but well above last April
• U.S. Weekly Planting and Conditions Report
  • Corn: 95% complete on planting – still ahead of average of 87% complete – this week we got the first of the year conditions rating and it came in at 76% good/excellent – average initial rating is 71% g/e
  • Soybean: planting 84% complete – average is 67%
  • Winter wheat conditions up a point to 48% g/e – still trailing average of 53%