Friday June 14, 2024

On Thursday morning there was a flash sale of 120k mt of soybeans to unknown for 23/24 delivery
- This is unusual considering South Americas crop has been harvested
CONAB raised Brazils second corn crop yesterday by 2mmt to 88.116, harvest has revealed better than expected yields
CONAB reduced 23/24 bean estimates to 147.353 down .332 due to rain
We saw another week of strong corn sales coming in at the top end of the trade guess. Japan was the weeks top buyer. Soybean sales weren’t impressive. This week marks the start of the new marketing year for wheat, Mexico continues to be the US top wheat customer
USDA released weekly drought monitor data yesterday, here is the percent of US areas experiencing drought
- Corn 2%
- Soybeans 1%
- Winter Wheat 16%
- Spring Wheat 3%
Below I have included a chart from X, historically after June it is common to see prices decline
Unless we see drought conditions or other problems in the crop we probably won’t see a late summer rally in corn or soybeans