Tuesday June 11, 2024

Overall the crop progress report has a bearish tone
Soybean futures declined in the overnight as planting and emergence move forward and the first conditions report of the season showed US crops are off to a solid start
- 87% of US soybeans are planted, up from 78% the week earlier and ahead of the 84%, 5 year average
- 72% of the crop is rated good/excellent, up from 59% last year
- emergence up from 55% to 70% this week
Corn futures flat, 95% of the crop is planted, up from 91% last week and on par with average planting pace
- 74% of the crop was rated good/excellent, down 1% from last week but well ahead of the 61% posted last year
- emergence up from 74% to 85% this week
Spring wheat 87% emerged and 72% of the crop good/excellent
Winter wheat is 12% harvested and 47% of the crop is rated good/excellent
Brazilian second crop corn harvest is coming along well, sitting at 10.4% complete, up from 4.7% last week
Traders taking note of hot central US weather forecast
Wheat futures falling on Monday, to their lowest level since May, are now on the rebound. Below are the main reasons for the fall:
- Harvest momentum is picking up in the Southern Plains, with yields reported better than expected
- Russia and Ukraine have a promising forecast of rain
- Turkey, the 5th largest wheat importer (mostly importing from Russia) has announced it will be banning wheat imports from June 21-October 15th. This will promote a favorable market for Turkish farmers during harvest