Thursday May 30, 2024

• Wheat continues to fall lower this morning 
• Corn led overnight trade volume but traded within a tight range
• Corn, beans and wheat a took a dip lower yesterday afternoon amidst all the bearish news
• With planting progress sitting at an acceptable pace the market will turn its focus to the condition of the crop. We will see the first corn conditions rating from the USDA on Monday
• As of right now there is not much info that would point towards the USDA lowering their yield or acreage estimate on June 12th
• The US is considering allowing Ukraine to use American supplied weapons to attack targets within Russia
  • On Tuesday Putin declared that the use of Western provided weapons to attack Russia could result in retaliation
•  The continued war will hurt Ukraine’s production potential and reduce planted acres as Ukraine farmers have been resilient but the logistical challenges continue to increase
• India is said to begin importing wheat for the first time in 6 years. The country is expected to scrap its 40% tax on wheat imports at the end of June. This will allow private traders and flour millers to purchase wheat from global producers
• Improved rains have been noted in the Black Sea which will aid the parched crops
  • Commodity Weather Group doesn’t see the precipitation making a big dent in the already widespread dryness