Tuesday June 25, 2024

• A rough morning for commodities, following a bearish summer weather pattern, the trade still showing little concern for 2024 corn and soybean crops despite the slight decline in ratings  
• US Corn conditions dropped from 72% last week to 69% G/E, still inline with trade expectations 
• US Soybean conditions at 67% G/E compared to 70% last week
• US Winter Wheat conditions improved to 52% G/E from 49% a week ago
  • Spring wheat crop was rated 71% G/E, compared to 67% a week ago
  • Winter wheat harvest is significantly ahead of schedule, 40% harvested compared to 27% the week earlier and 25% on average
• Brazil’s second corn crop at 34% harvested
• Export sale of 209,931MT of corn to Mexico, 22,098 MT for delivery during the 23/24 crop year and 187,833MT for delivery during the 24-25 marketing year
• Flash sale of 228K MT of soybean cake and meal to the Philippines for 24/25 delivery
• Flood risk expands further into Iowa, Illinois and Wisconsin
• Delayed CFTC report showed the funds not as short the corn market as the trade had expected
  • Opposite story for the bean market, funds were significantly shorter in the bean market than anticipated
• USDA June Quarterly Stocks and Acreage Report out on Friday
  • As seen below, the trade estimates increased stocks, in all 3 major commodities and finds additional corn and bean acres from the March 31st report