Thursday July 11, 2024

• Grains are trying to build momentum this morning with corn leading in trade volume and wheat leading gains; soybeans are recovering but not after posting fresh lows
• Conab trims Brazilian soybean crop slightly but raises corn estimate by 1.8MMT
  • The Conab VS USDA production differences are 6.1MMT for Corn and 5.7MMT for Soybeans
• Remints from Hurricane Beryl brought moisture to most of the Corn Belt and a timely rainfall for the dry eastern region
  • 6″ reported in some areas of Corn Belt but the average was less than 3″
  • Just over 2″ reported in Lucknow
• Russia attacks an export port in Odessa, damaging port infrastructure
  •  This region is the central hub for Ukraine exports via the Black Sea and has faced many attacks since Feb 2022
• USDA will release its monthly Crop Production and WASDE report on Friday, this is expected to have a bearish tone with regards to the corn prices in particular and a larger corn carryout number
  • Bean carryout is also expected to rise from last months report
  • US corn and soybean yield projections are expected to be similar to the June report