Wednesday June 26, 2024

• Beneficial US weather still weighing on commodities
  • Precipitation remains active going forward with temperatures above normal into mid July
• Tuesday morning flash sale: 209k mt sale of corn to Mexico, delivery spilt between 23/24 and 24/25. 
• The December 2024 corn contract posted fresh calendar-year lows yesterday, falling almost 9 cents to close at 4.43 (lowest close since September 2021)
• WN futures nearing long-term March lows at 5.37 yesterday
  • US Winter Wheat conditions are above the 5 year average
  • US Harvest progress is coming along well
• Argentina reported farmer sales of the current soybean crop at 43.5%, in line with the past two seasons. Soybean harvest is nearing completion at 98.3%, production at 50.5mmt according to Buenos Aires Grains Exchange. 
• The Black Sea drought is forecast to worsen over the next 10 days with warm/dry weather trends
  • Corn pollination for Ukraine and Russian corn crops starts in several weeks and extends into late July