Monday July 1, 2024

Corn futures fell hard after the bearish report from the USDA on Friday. Corn futures have seen their 7th consecutive down day
Soybeans are sitting mixed this morning with old crop higher and new crop lower. They initially saw a bounce after the USDA report but closed mixed on Friday
Wheat is trying to make up lost ground from Friday. Wheat closed Fridays session with losses despite somewhat bullish acreage numbers
The USDA report was released Friday afternoon and it brought very large stock numbers with it… Corn stocks are up 890mbu compared to last years numbers. Soybeans came close to expectations with stocks up 174mbu compared to last year. Majority of those corn and soybean bushels are still in the hands of the producer. Wheat came in up 122mbu vs last year
Corn acres came in at 91.475 million, this is up 1.4 million acres from the report released in March. Soybean acres were decreased
Some of these report numbers do not paint the prettiest picture for new crop prices
Argentine corn harvest is said to be at 55% complete, this is 6% ahead of last year. Bean harvest is officially completed and wheat planting is 81% complete, this is 7% ahead of the 3 year average
More rains are on the way to the Midwest this week, the extended map is starting to look a bit drier into mid July