TFM Morning Update 07-24-2023

CORN

Corn is trading higher this morning on hot and dry weather this week and Russian strikes on Ukrainian infrastructure.
Temperatures this week are expected to reach 90 and 100-degree temps this week with little rain expected, which will likely stress the corn crop during pollination.
According to Ukraine’s agricultural minister, Russia trying to make it difficult to export grain via the Danube River, which is now one of Ukraine’s primary export channels.
Grain shipping traffic in the Black Sea has fallen 35% in the last week, since Russia has declared that all ships heading for Ukrainian waters could be deemed as carrying weapons.

Soybeans and soybean meal are trading higher this morning, gaining support from sharply higher soybean oil, and hot and dry weather.
Temperatures this week are expected to reach 90 and 100-degree temps this week with little rain expected, which will likely add stress to the already struggling areas.
Soybean oil this morning is following a sharply higher Malaysian palm oil market which saw over 3% gains in yesterday’s trade.
The added war premium that is being injected into the corn and wheat markets is also likely affecting world veg oil prices due to Ukraine’s role as a lead sunflower oil and meal exporter.

Wheat is trading higher this morning, erasing Friday’s losses, as it gains support from the corn market and adds war premium.
Grain shipping traffic in the Black Sea has fallen 35% in the last week, since Russia has declared that all ships heading for Ukrainian waters could be deemed as carrying weapons.
According to Ukraine’s agricultural minister, Russia trying to make it difficult to export grain via the Danube River, which is now one of Ukraine’s primary export channels.
Many insurers have suspended coverage for grain shipments from Ukraine except from smaller ports along the Danube.

Scott Masters