Tuesday June 18, 2024

• Wheat continues its decline this morning, taking back the global risk premium that was added this spring, also better spring and winter ratings
  • Winter wheat harvest is advancing quickly, ahead of schedule
  • 27% harvested vs 12% the week prior and 14% on average
• Corn is higher in the overnight trading session and this morning, from crop rating declines
  • Crop conditions were expected to drop a point this week but rather they fell two, down 72% from the 74% G/E rating last week
  • Well ahead of the 55% posted last year and the 5 year average of 64%
  • Eastern US corn belt is to remain hot and mostly dry, for another week
• Soybean ratings also declined this week to 70% G/E, down 2% from last week and 1% below trade expectations
  • US soybean planting is 93% complete
• NOPA released May crush data on Monday
  • US soybean crush set a new record for May, up 8.4% from April surpassing the average trade estimate
  • Soybean oil stocks declined to 1.7 billion pounds, below trade estimates
• Brazil’s second corn crop sitting at 21% harvested, the fastest harvest pace in more than a decade
• Price or roll date for basis contracts, over July futures, is June 26th