Thursday June 13, 2024

• CBOT price direction is in the hands of Mother Nature, heat and below normal rainfall in the forecast
• USDA reported another flash sale of soybeans yesterday of 4million bushels to China for delivery in 2023/23
  • This is the third flash sale of soybeans purchased from China in the last 4 trading sessions, totaling 4 million bushels
  • Still nothing on the books for new crop
• Large areas of China’s corn country have received less than half their normal rainfall amounts since May 1st
  • Record heat and no significant rainfall in the forecast
  • North Central China experiencing temperatures at 41-44C for the coming days
  • China is the 2nd largest corn producer, right behind the US
• Quiet Supply and Demand report yesterday
  • Corn and soybean production estimates remained unchanged
  • Minor changes were made to the old crop US balance sheets
  • Brazil soybean crop only cut 1mmt, from 154mmt to 153mmt
  • Argentina was left unchanged
  • Russian wheat production cut from 88mmt to 83mmt
• Planting is coming to an end in the US.  Traders following US weather forecasts closely, June looks to be one of the warmest/driest since 2000-a sharp contrast to the wet spring
  • 95% or corn planted, 85% emerged, as of earlier this week
  • 87% of soybeans, 70% emerged, as of earlier this week