TFM Morning Update 06-11-2024

CORN

Corn is trading slightly higher this morning as prices continue to consolidate over the past few days and hover around the 40 and 50-day moving averages in the July contract. December futures are recovering from last week’s selloff but are still below the 100-day moving average.
Yesterday’s crop progress report results did not come as much of a surprise with 95% of the crop reported as planted which was just under the trade estimate of 96%. Plantings were at 91% a week ago and 98% a year ago.
According to the USDA, 85% of the corn crop is emerged which compares to 74% a week ago and 91% a year ago. 74% of the crop was rated good to excellent which was on par with trade estimates but is down one point from a week ago. A year ago, this rating was at 61%.

Soybeans are trading lower this morning and are giving back some of yesterday’s gains. Prices remain in a consolidating pattern starting about a week ago which followed the selloff in grains. Both soybean meal and oil are trading lower this morning.
Yesterday’s crop progress report said that 87% of the soybean crop has been planted which was below the trade estimate of 89% but compares to 78% a week ago and 95% a year ago. The upcoming dry weather should help get things wrapped up.
70% of the soybean crop is emerged which compares to 55% a week ago and 83% a year ago. The USDA has released its first crop ratings for soybeans and pegged them at 72% good to excellent which was in line with trade estimates and compares to 59% a year ago.

Wheat is mixed this morning with both Chicago and Minneapolis wheat trading higher while KC wheat is lower. The US wheat harvest is ahead of the average pace, but large speculative selling is likely putting most of the pressure on the market.
The spring wheat crop is completely planted and now 87% emerged which compares to 78% a week ago and 86% a year ago. 72% of the crop is rated good to excellent which is a 2-point drop from last week but compares to 60% a year.
The winter wheat crop has been rated 47% good to excellent which was slightly below the average trade guess of 49% as well as 49% a week ago, but was rated 38% a year ago. 89% of the crop is headed, and 12% is harvested which compares to 7% a year ago.

Amanda Brill