Monday June 17, 2024

• Grain markets are trending lower this morning, trade is expecting bearish crop progress numbers this afternoon.
• The U.S. winter wheat harvest is advancing and many are expecting a bigger crop, while conditions for corn and beans are in good shape. 
• Ukraine’s 2024 grain production estimates are up 6.9% from 52.4 to 56mmt. Ukraine’s 23/24 marketing year is on pace with pre-2022 export levels. 
• Weather Update
  • Rain was seen in NE up into MN and WI yesterday, drier into the central and southeast belt. Temperatures to hold above normal right up until the end of June, across all US growing regions. 
  • Argentine rains remain light this week, more rain is needed for there wheat crop, chances increase for the 6-10day forecast. 
  • Dry conditions in central/northern brazil, helping for Safrina corn dry down and harvest. Southern Brazil rains aid in wheat over the next ten days. 
  • The Chinese corn crop in the northern plains are seeing heat this week with above normal temperatures, rains are in the 6-10 day forecast.