CORN
- The USDA reported corn export sales of 12.4 mb for 22/23 and 13.2 mb for 23/24.
- The Fed did raise interest rates yesterday; however, they did not say anything about what they may do down the road. This has traders wondering what they might do in September in terms of pausing or issuing another increase.
- Hot temperatures will hit the Corn Belt today, with 90-100 degrees in South Dakota, Iowa, and Illinois.
- European nations have said they will help Ukraine to export their grain via truck and railway, but there is question as to how much can be transported this way.
SOYBEANS
- The USDA reported soybean export sales of 7.3 mb for 22/23 and 20.0 mb for 23/24.
- Private exporters reported sales of 256,000 mt of soybeans for delivery to unknown during the 23/24 marketing year.
- Chinese Dalian soybean meal prices are making new contract highs.
- Lower palm oil continues to weigh on US soybean oil futures.
WHEAT
- The USDA reported wheat export sales of 8.6 mb for 23/24.
- Overnight, Russia launched missiles from a submarine into the Odesa port, keeping the wheat market volatile.
- Day two of the spring wheat tour in North Dakota found a yield of 45.7 bpa (the USDA is projecting 47 bpa for North Dakota).
- Taiwan Flour Millers booked 108,000 mt of US milling wheat overnight.
Author
Brandon Doherty