Thursday May 16, 2024

Wheat futures holding on
- Fighting escalates in Ukraine and Black Sea crop health deteriorating from frost and drought
- IKAR cut the outlook production by 5.5% to 86 million metric tons
December corn futures are struggling to break through the $5 mark
- CZ4 contract has been testing the 200 day moving average but has failed to close above ($4.93)
Flash Sale: 180,000mt (7million bushels) of soybeans to unknown destinations. 4 million bushels are for the delivery during the 2023/2024 marketing year. 2 million bushels are for delivery during the 2024/2025 marketing year
- China still has yet to make a 2024/2025 purchase, could they be the unknown destination??
President Biden announced tariffs on numerous Chinese products on Tuesday but unfortunately failed to add used cooking oil to the list. China labeled the tariffs as bullying and said they would impact relations between the two nations
US soybean crush fell to a seven month low last month when NOPA members processed 166.03 million bushels
- The trade guess was a little off (by 17 million bushels!)
- Crush is down more than 30 million bushels vs last month
- Total year to date crush is estimated at 1.474 million bushels, up 5% vs last year and above USDA’s target
Inflation slowed last month, the CPI rose 0.3% in April compared to the prior month, economists were projecting a 0.4% increase. The stock market reacting positively to the report.
Retail sales were flat in April, down from the 0.6% monthly increase in March