Thursday May 2, 2024

Corn futures higher this morning from the heavy Midwest rains, delaying planting
- More rain for most areas for the Corn Belt next week
- Multiple rain events expected for this week across the US
Corn was the overnight volume leader, after closing above moving averages
July soybean futures are over the 50 day moving average (11.83), we have not closed above the 50 day since March
Flooding across RGDS in Southern Brazil is becoming disastrous, with more rain to come in the next 10 days. The worst round of RGDS flooding since 1941
- 11 deaths, 21 people are missing
- 60-70% of the soybean crop in the area was harvested before the rain
- Top end of the RGDS soybean loss estimate would be 5.00MMT and the bottom would be 1.25MMT
Wheat prices are also on the rise today fueled by drought conditions in the Black Sea and geopolitical news
Ukraine Ag Minister sees wheat and corn exports falling by nearly a quarter in the 2024/2025 marketing season due to reduced acreage
- wheat down from 18MMT in 2023/24 to 14MMT this coming season
- corn down from 27MMT to 21MMT this season
Federal Reserve have decided to leave interest rates unchanged
Oil prices drop more than 3% on Wednesday, to a seven week low
Daily ethanol production was seen up 33K barrels/day this week