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- Corn is trading lower this morning with July leading the way down as first notice day approaches and funds begin to roll into deferred months.
- The forecast for the northwestern Plains and southeastern Corn Belt has turned wetter over the next five days, while states near the great lakes are only expecting moderate amounts.
- Potential frosts for Brazil’s second crop corn have not caused prices to move higher and are still sitting at the equivalent of $4.62 a bushel.
- Brazil’s safrinha corn crop is now being estimated at a record 96.3 mmt, 12% above last season’s production.
- All three soy products rallied impressively yesterday, in part due to the dry weather, but also due to the pending EPA announcement which has been delayed.
- The EPA was scheduled to give their announcement on biodiesel requirements today which could be very supportive for the soy complex, but the decision is now postponed to June 21.
- NOPA May US soybean crush is seen at 175.880 million bushels as processing pace likely continues to slow. Some producers have said that they have idled plants for maintenance.
- Soybeans met some technical resistance yesterday against the 50-day moving average and one-month high, but are far below the 100-day average.
- Wheat is trading lower along with corn and soybeans this morning as the US struggles to compete with Russian and Ukrainian export offers.
- Russia is reportedly considering leaving the Ukrainian grain deal after Putin expressed frustration about the destinations of the Ukrainian wheat on TV yesterday.
- French wheat stock estimates increased as their season comes to a close with their stockpile seen at 2.89m tons, 3.8% above last season.
- Outside of poor weather in the US, northern Europe and Russia’s spring wheat areas are dry, and China’s Henan province is receiving excessive rain that is damaging the crop.