TFM Morning Update 03-12-2024

CORN

Corn is beginning the day slightly lower as has seemed to have been the trend over the past week. Prices have generally worked higher into the close which has resulted in a 30-cent move off of the low in May so far.
Yesterday’s export inspections were good for corn with 44.2 mb inspected which put the total number at 859 mb for 23/24. This is up 33% from the previous year at a time when the US has the export advantage.
In Brazil, the winter corn crop is estimated at 93% planted which compares to 86% last week and 82% the previous year. Scattered showers have continued to fall over the country. In the southern region, the corn harvest is 57% complete.

Soybeans are trading slightly lower this morning but have been in an upward trend with prices in May now 49 cents off the lows. Soybean meal is higher this morning while soybean oil is lower despite higher crude oil.
As the Brazilian harvest presses on, soybean premiums have trended higher since January due to a lack of farmer selling at those low prices. This morning, CONAB will update its estimates for Brazilian production.
Yesterday’s export inspections totaled 26 mb which was on the low side but within the trade range. Total inspections for the year are now at 1,286 mb which is down 19% from the previous year.

All three wheat classes are trading lower this morning after yesterday’s impressive reversal off the contract low. With little new fundamental news, the move was likely technical. May wheat is 19 cents off its low.
Winter wheat crop conditions were largely unchanged over the previous week with Kansas’ good to excellent rating unchanged at 53%, Oklahoma unchanged at 53%, and Texas raised slightly to 44%.
Wheat inspections totaled 14.8 mb which puts inspections for the year down 16%. China did cancel a previous purchase of 9.7 mb which brings all recent cancellations to 18.5 mb.

Amanda Brill