Wednesday June 12, 2024

• Exporters sold 104k tonnes of beans to China for 23/24 delivery. 
• The USDA WASDE report will be released at noon today, estimates are found in the image below. Both Russia and South America productions numbers will be watched. As well CPI data and the Fed meeting will be announcement today.
• July wheat contract has taking back around half of yesterdays rebound. Corn continues to pushup against chart resistance and beans linger around lows. 
• Anec’s a Brazilian exporting agency estimated June soybeans exports at 13.78mmt, up from 12.08mmt last week and corn exports at 1.24mmt up from 1.05mmt a week ago. 
• Last month Russia’s grain union predicted only 1% of there winter grains was affect by frost, yesterday the head of the grain union reported that the area affected by frost is more like 15-30%. The government continues to indicates that exports will not be affect by the losses. The government also announced a state of emergency in the Rostov region, one the country’s most productive areas. 
• The Central US weather forecast is looking hot, Extreme heat to be seen across the Midwest, Delta and the eastern plains over the next week and into late June.