Monday June 3, 2024

  • Export sales for 23/24 Corn, Beans, and Wheat all met expectations for another week, also meeting expectations was the 24/25 crop.
    • Overall corn exports are still on pace to meet expectations while beans have dropped off. New crop bean exports are the lowest they have been in five years, China being a major player in the sale losses. (Can view the new crop bean export sales in the chart below)
  • Russian may declare a nationwide emergency this week due to frost damage. Many states have already declared emergencies from due injury. Markets productions estimates have already been lowered, in question is if the production estimates will lower again or has the market already accounted for the losses. Drought beginning a large problem as well, Russian weather looking to remain dry over the next ten days creating worries. 
  • The Plains and the Midwest saw weekend rain coverage with some localized heavy rains. Rain looks to continue for today and tomorrow moving through the eastern corn belt on Wednesday. Extended forecast looks dry.