Tuesday August 6, 2024

Grains are mixed this morning: wheat finding strength from weaker US dollar, beans drop from a bump in U.S. crop conditions, corn flat but have support from positive O/C corn export numbers. Grain markets seem to be hanging on while the stock market took a big hit yesterday, a very positive move in light of all the negative news swirling around the equity markets
FCC is projecting Ontario corn and soybean yields nearly 5% above the 5 year average and Quebec corn/soybean yields 6.7% above average
U.S. soybean crop conditions exceeded trade expectations by climbing a point to 68% G/E.
- The trade expected ratings to drop 1% to 66% G/E
U.S. corn crop rating dropped a percent and is sitting at 67% G/E right inline with the trade expectations
U.S. winter wheat harvest has advanced another 6% this week to reach 88% complete, ahead of last years 85%
The U.S spring wheat conditions held steady at 74% G/E rating, remaining the best national spring whet rating since 2018. Though spring wheat harvest does remain behind last years 8% as we currently sit at 6% harvested
Concerns over the US economy caused the stock market to crumble on Monday
- The losses were attributed to Friday’s poor job July jobs report, which has led some to believe that the US economy may head into a recession
Export Inspection Report
- US corn shipments were strong last week, exceeding expectations
  - Up 13% from the previous week and up 213% compared to the same time last year
- Soybean shipments were at the lower end of expectations, down 36% compared to the prior week and -10% vs the same week last year
- Wheat shipments -2.9% from the prevous week but +38% vs the same time last year
SovEcon estimated Russia’s July total grain exports at 4.5MMT, down from 4.7MMT in June and 5.6MMT in July ’23, lowest total since December
Brazil’s AgRural pegged Brazil’s second crop corn harvest at 95% complete
Hot and Dry conditions could potentially damage Ukraine’s corn crop