Yesterday the American weather model put more rains into the Midwest (especially the 8-14 day timeframe). This may be weighing on grain futures this morning.
Reportedly, an agreement has been reached to raise the US debt ceiling, but now that deal must be passed by congress.
July corn on Brazil’s Bovespa Exchange is around the equivalent of $4.94 per bushel.
According to AgRural, their projection of Brazil’s total corn production has been raised to 127.4 mmt (vs 125.1 mmt previously).
Based on July futures, board crush is the lowest since June of 2022.
Prop 12 in California will start July 1. These new rules affect the treatment / living conditions of hogs but could also affect demand for soybean meal.
China’s economy is continuing to slow down, increasing concerns that they may not be able to import the same quantity of commodities as in years past.
July soybeans on China’s Dalian exchange were down 1.8% Tuesday, around the equivalent of $14.80 per bushel.
The wheat market may be concerned about lower demand for US wheat due to global financial issues. Limited cash availability in parts of north Africa and the middle east could mean reduced demand there.
It remains dry in northern Europe and parts of the Russian spring wheat areas.
In opposition to the El Nino pattern, Australia is starting to get some rains. This may alleviate some concern about drought for their upcoming wheat crop, though it is still early to make that determination.
Floods this weekend in the Texas Panhandle area certainly did not help the crop there. Their forecast this week also calls for moderate to heavy rain, causing more concern.
Despite Russia’s attack over the weekend on the Odesa port in Ukraine (which is protected by the agreement), wheat is sharply lower at midday today.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
