TFM Morning Update 06-18-2024

The CME and Total Farm Marketing Offices Will Be Closed Wednesday, June 19, in Observance of Juneteenth

CORN

Corn is trading slightly higher this morning following yesterday’s move lower and afternoon Crop Progress report which showed corn good to excellent ratings falling slightly.
Yesterday, the USDA said that 72% of the corn crop was rated good to excellent which was a 2-point decline from last week’s ratings. 93% of the crop is now emerged which compares to 85% last week and the 5-year average of 95%.
The US inspected 1,287k tons of corn for export last week which was below last week’s inspections by 4%. Mexico was the top destination for corn inspections. In China, corn imports for May were down 36.8% year over year.

Soybeans are also trading slightly higher this morning with some support from yesterday’s crop progress. November futures are only 10 cents off February’s lows, however. Soybean meal is trading higher this morning while soybean oil is unchanged.
Yesterday, the USDA said that 70% of the soybean crop was rated good to excellent which was a 2% decline from the previous week, but trade was expecting this small drop. 82% of the soybean crop is emerged which compares to 70% a week ago and the 5-year average of 79%. 93% of the crop is planted.
Yesterday’s NOPA crush results for the month of May were encouraging, although the market didn’t react. At 183.625 million bushels, it was above nearly all trade estimates and rebounded from the previous month’s seven-month low.

All three wheat classes are trading lower this morning as prices continue to slide from the recent high on May 28. Harvest pressure within the US is not supportive as production is expected to be much larger than last year’s.
Yesterday’s Crop Progress Report showed winter wheat ratings improving to 49% good to excellent which was a 2-point jump from the previous week. 94% of the winter wheat crop is headed which compares to 89% last week, and 27% of the crop has been harvested which compares to 12% last week and the 5-year average of 14%.
In spring wheat, the USDA said that 76% of the crop was rated good to excellent which was a 4-point increase from last week. 95% of the crop is emerged and 4% is headed which compares to the 5 year averages of 93% and 7% respectively.

Amanda Brill