Tuesday July 2, 2024

• The new Mexican Agricultural minister announced they would not reduce imports of yellow corn. As the new administration takes power in Mexico, they will discard the former goal of becoming self-sufficient in grain production. They will instead be focusing on increasing white corn production. 
• Weekly export inspections
  • Exports met trade estimates this week, though nothing to brag about. Japan and Mexico being large takers of corn shipped last week, Mexico remaining number one. Bean exports coming in at only 11.1mbu, and wheat nearing the low end of the range at 11.4mbu with the Philippines and Indonesia claiming the top two destinations. 
• The USDA released their May crush report, coming in below the average trade estimate at 192mbu vs estimate of 193.85mbu. This number may be lower than estimated but still up from last months 175.5mbu and May 2023 of 189.3mbu. 
• StoneX Brazil cut their second crop corn production estimate from 93.5 to 92.9mmt, compared to last seasons 108.7mmt.
• Rains were heavy in eastern NE and are moving through the heart of the belt today. Above normal rains are finally shifting a bit south into mid July. 
• US Crop Ratings and Wheat Wheat Harvest
  • Corn: 67% g/e – down 2% from last week.
  • Soybeans: 67% g/e – unchanged from last week
  • Wheat: 54% complete and 52% rated good-to-excellent.