Wednesday June 5, 2024

• The grain complex is holding steady after more than a week of serious fund selling and sharp losses. July corn and July bean contracts closed lower for the 6th straight session yesterday and July wheat closed lower for the 7th day. 
• Russia and the Black see continue to set the market for world wheat prices, purchases from major importer are starting to spread out. 
• Ukraine’s Ag Ministry reported grain exports for 23/24 up from 45.66mmt last season to 47.4mmt. Wheat making up 17.6mmt, corn at 26.9mmt, and barley at 2.4mmt. 
• US Job report saw 175k jobs created in April, just slightly below expectations. Some excitement was made around the idea that the unemployment rate may continue to increase slowly and inflation may be slowing. 
• The Panama canal has increased the allowed number of ships per day to 32, maximum capacity is 40 ships/day. This increase came earlier than expected as Panama’s rainy season has brought in more than expected rain at this time. Good news for US exports, though are is still a back log of ships. 
• SovEcon a private Russian consultancy cut its estimate for the Russian wheat crop to 80.7 million metric tons today, down from 82.1mmt previously, and down from 94mmt in March.