Monday June 24, 2024

Markets are lower this morning
Corn had a large trade volume on the overnights but traded close to Fridays close
Trade is eagerly awaiting this afternoons crop progress report to gauge the condition of US corn and soybeans
Excessive rains continued to fall in key areas of the corn belt over the weekend
We are looking forward to some fresh fundamental news on Friday with the release of the USDA acreage and stock report
- Trade is assuming the report will have a bearish tone, although there is always potential for some unexpected moves
Wheat sales beat the trade range last week and are off to a good start, running just ahead of the needed pace. Corn sales missed the mark last week but are still ahead of the needed pace. Soybean sales were mid range and are running behind
Ag Twitter is full of news about flooding in Iowa, some cities are barley recognizable after 10-15″ fell. This flooding has definitely raised crop concerns and has certainly caught the bulls attention however corn prices are weak this morning. It will be weeks before the damage from these rains can be quantified
Ethanol stocks were up again this week by 395k barrels as demand has leveled out. Ethanol stocks are above last years levels