Tuesday July 9, 2024

• Corn and bean futures fell to their lowest levels since 2020
  • December corn futures -4.3%, November soybean futures -3.1%
• Funds are at a record net short position for corn (-347K contracts)
• US corn crop conditions improved slightly from last week 68% G/E up from 67% last week
• Soybean crop conditions pegged at 68% G/E, up from 67% last week 
• Spring wheat crop conditions rated 75% G/E compared to 72% last week
• Winter wheat harvest is ahead of schedule; 63% harvested nationally through Sunday VS 54% last week and 52% on average
• The harvest of Brazil’s second corn crop is progressing well at 63%, up from 49% last week
  • Last year only 26% of the crop was harvested
• USDA reported a flash sale of 135,636mt of corn on Monday to unknown destinations.  50,800mt for delivery during the 23/24 marketing year and the remaining 84,836mt for the 24/25 marketing year
• The forecast looks like it will continue to aid US crops with the rain.  This is the best condition the crops have been in 4 years
• Thursday Conab will release their update on Brazil and Friday USDA comes out with their July Crop Report