Wednesday May 29, 2024

• Exporters sold 215k tonnes of corn to Mexico, 165k tonnes for 23/24 delivery and 50k for 24/25
• Wheat rallies have been met with heavy selling as a smaller crop in Ukraine/Russia is offset by looming harvest and additional supply from Europe and North America
  • Kansas wheat will begin to be harvested in June adding supply to the market
• Export inspections were at the lower end this week
  • Mexico is the number one destination for US corn currently with double the volume of any other country 
  • Corn is behind the USDA target, soybeans and wheat are still ahead of pace
• USDA has pegged corn planting at 83% complete as of Sunday night, this is up 13% since last week and 1% ahead of the 5 year average. US soybean planting is pegged at 68% planted which is 5% ahead of the 5 year average
  • This progress certainly puts an end to the delayed planting story
  • Winter wheat ratings lowered another 1% this week but are still sitting at 48% good/excellent 
• Argentine corn harvest is ramping up, they are at 30% harvested with the majority set to come off in July
  • China plans to buy corn from Argentina once it becomes available this summer which will take away from potential US exports
• El Nino is officially over and a La Nina weather pattern is expected to be around for the winter. This will bring good weather and larger crops to Australia, but drier weather to Argentina