07-15-2024
The grains are trading sharply lower this morning after last Friday’s USDA report that could have been considered slightly bullish for corn. Old crop ending stocks were reduced by 145 million bushels by increasing feed demand by 75 million and exports by 70 million. This offset some of the increase in new crop stocks associated with the increase in planted acres this year. Soybean stocks were basically left unchanged and carryout numbers modestly changed with a 5 million reduction in exports. South American production was left basically alone with Brazil unchanged and slight reductions in Argentine corn and soybeans numbers. The trade was looking for larger cuts. One thing to remember is that the USDA is still using trend line yields of 181 bushels in corn and 52 bushels in soybeans. The other market mover the weather remains positive for crop development and yield and is weighing on the market. Traders are hoping that lower prices and a slightly lower U.S. dollar as of recent should encourage more export sales. Lower markets to start off of improved growing conditions in the U.S. and lack of fresh demand. Have a great start to your week!
Other Headlines
- Former President Donald Trump survived an assassination attempt at his Pennsylvania rally this weekend. Despite many questions remaining about how a 20-year-old-man carrying an AR-15-style rifle managed to get close enough to shoot at the 45th President from a rooftop during his campaign rally, Donald Trump assured his supporters that he would push on to the Republican convention and November election.
- NOPA crush out today, June soybean crush is seen at 177.936 mbu with a 173.280-189.134 range
- Biofuel groups continue to call for a permanent solution to year-round E15. Monte Shaw with the Iowa Renewable Fuels Association says a yearly summer waiver isn’t sustainable long-term. “You’re not going to have major adoption of E15 when major retailers don’t know what they’re going to be able to do the next year, so you need certainty.” He tells Brownfield progress has been made with EPA allowing year-round E15 sales in eight midwestern states beginning next year. “But that leaves 60 percent of the gasoline, and from like a square miles area, a lot of states, that can’t sell it starting next summer unless there’s another emergency (waiver). But again, retailers don’t want to move forward when they don’t know.
USDA Weekly EXPORT INSPECTIONS Monday 07-15- 2024 @ 10:00 AM
USDA Weekly CROP PROGRESS Monday 07-15 -2024 @ 3:00 PM
USDA Weekly EXPORT SALES Thursday 07-18-2024 @ 7:30 AM
The information contained in this report is believed to be dependable but is not guaranteed accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for, nor intended to be relied upon for specific trading in commodities here in.