Thursday May 9, 2024

• Wheat led gains in the overnight trade and into this morning, due to production issues in Russia
• Early May frost has damaged Russian crops, Three regions in Russia have declared a state of emergency as a result of the frost
  • The state of emergency will let farmers that suffer losses apply for subsidies  
  • It has been reported that approximately 655,000 acres of crops died or were badly damaged
  • Cuts have already been made to Russia’s crops due to dry conditions, further cuts may be necessary
• USDA REPORT TOMORROW
  • We will get our first look at new crop balance sheets. The report will likely have a bearish tone for row crops due to the USDA tendency to begin with trendline yield projections 
• There was a bump in ethanol demand this week as stocks tightened to 4 month lows. Total demand is above levels we saw last year. 
• The US radar is active this morning, with rain across eastern Iowa and northwest Illinois. Another larger system worked through Tennessee and Kentucky