Monday June 10, 2024

• Flash Sale: Exporters sold 104k tonnes of Soybeans to China for 23/24 delivery. 
• Corn holding on this morning. July corn contracts running up against some technical resistance after a run of fund selling last week and good crop ratings. 
• The central plains and southern/southwestern corn belt saw rains over the weekend, potential for that to shift into the northern belt for the remainder of the week. 
• NOPA revised their April U.S soybean crush estimates from 166.00 to 169.4 million bushels, due to inaccurate reporting in Indiana, still remaining down from last April’s 173.2mbu. 
• Russian Baltic Terminal is back up and running, with wheat being shipped to Brazil. The terminal is 30miles from the Russian/ Finnish border and they first started shipping out for the first time in April 2023. Planned capacity is 4 million tonnes/ yr. 
• Turkey banning wheat exports from June 21 to October 15 due to record high supplies. Turkey is the 5th largest importer of wheat and 2/3 of the wheat often coming from Russia. Most imported wheat is re-exported as pasta or flour. 
• The CFTC report on Friday showed that managed money funds re-entered the grain space last week, adding to their short position once again.