Friday June 28, 2024

• Todays the big day, USDA stocks and acres report is released at noon
  • Price action is foreshadowing a bearish report
• Wheat is trying to put together two winning sessions for the first time in a month while corn and beans are sitting near lows 
• The mostly beneficial weather in the US is not helping prices
• The USDA reported a flash sale of 120k mt of soybeans on Thursday to unknown for 24/25 delivery
• Corn sales this week were led by Mexico and are still ahead of the needed pace. Bean sales were not ideal, falling behind the USDA target. On the bright side wheat is still running ahead of the 5 year average (see chart below)
• The USDA released the weekly drought monitor data yesterday, below is the percent of US areas experiencing drought
  • Corn 6%
  • Soybeans 7%
  • Winter Wheat 21%
  • Spring Wheat 5%