TFM Morning Update 01-24-2024

CORN

Corn is trading higher this morning and would be on track for its fifth consecutively higher close, something corn has not been able to do since May of 2023.
Heavy rains are expected this week along the US Gulf coast and Delta regions, this should help cut into drought conditions and raise unusually low Mississippi river levels.
Showers in northern and central Brazil over the next ten days could be a setback to early planted soybean harvest but the rains will benefit soil moisture for safrinha corn planting which has just started.
European Union corn imports through January 19th totaled 9.86 mmt, down 42% from a year ago.

Soybeans are trading higher this morning after yet another strong close yesterday. Soybean meal is up this morning, while soybean oil is slightly lower along with crude oil.
Most areas of Argentina and southern Brazil were drier last week and will not see much relief in the next ten days. After a near perfect start to the growing season, falling crop conditions are expected in Argentina as the calendar flips to February.
China’s soybean production reached a record 20.8 mmt in 2023 according to a report by Sinhua News Agency this week citing data from the Ministry of Agriculture and Rural Affairs.
Phillips 66 will soon be able to operate it’s 50,000 barrel per day renewable diesel plant in Rodeo, California after clearing a court-ordered review of environmental impacts tied to the project last week.

All three wheat classes are trading slightly higher this morning with the winter wheat’s leading the gains.
European Union soft-wheat exports in the marketing year beginning July 1 were 17.4 mmt vs 18.8 mmt last year.
Stocks of hard red spring wheat stored in Minnesota and Wisconsin export warehouses are down about 900,000 bushels year over year to come in at 15.473 million bushels in the week ending January 21.
After freezing rain in some areas earlier this week, warmer air and periods of rain showers are expected through much of the plains this week which should be favorable for increasing soil moisture levels for dormant wheat.

Keegan Madigan