Monday July 8, 2024

• The grains opened lower this morning.
• Private analysts Safras & Mercado on Friday pegged 2023/24 Brazilian soybean sales at 72%, up from 66% a year ago. Farmer sales of new crop at 15%, up from 11% last season at this time. 
• Rains in the Midwest and Plains were widespread once again over the weekend, hurricane Beryl made landfall on the Texas coast early this morning, related rains to expected to move northeast on the next few days. 
• Brazil’s Safrinha corn crop is estimated at 63.7% harvested last week, up almost 20 points w/w, they are now running 35+ points ahead of last year.
• Turkey biggest buyer of Russian grain in 23/24. Exporters sent a total of 8.9 million tons of grain to Turkey, this was lower than the target of 12.6 million, set from previous areas.  
• Heat and Dryness is engulfing the Black Sea crops. Limited rains in the 10-147 day forecast, spring wheat and corn crops being affected. 
• Weekly Drought Monitor – US Areas Experiencing Drought
  • Corn: 7%
  • Soybeans: 9%
  • Winter Wheat: 19%
  • Spring Wheat: 6%