TFM Morning Update 05-24-2024

The CME and Total Farm Marketing Offices Will Be Closed Monday, May 27, in Observance of Memorial Day

CORN

Corn is unchanged this morning in quiet trade, but the July contract is still on track for a gain of around 11 cents. Prices remain above the 100-day moving average for both July and December with the next target being the 200-day moving average.
While the eastern region of the Corn Belt had previously been getting saturated by rain, the western Belt is now too wet with more delays to planting with above 20% of the crop yet to go in the ground. Some planting will likely not be completed until next month.
The Buenos Aires Grain Exchange has estimated that the Argentinian corn harvest is now 28.2% complete which compares to 25.4% last week with harvest slowing due to weather. Estimated production is unchanged at 46.5 mmt.

Soybeans are trading slightly lower this morning, but similar to corn, the trade remains very quiet. Soybeans are in an upward trend but the November contract is meeting some resistance at the 200-day moving average. Both soybean meal and oil are slightly higher.
The Buenos Aires Grain exchange has estimated that the Argentinian soybean harvest is now 77.9% complete which compares to 63.7% last week. Estimated production was left unchanged at 50.5 mmt.
In the state of Rio Grande do Sul in Brazil, rainfall has become less frequent and much of the flooding has receded which has given farmers the opportunity to resume harvest. The state has now harvested 91% of its soybean area which is up from 85% last week but compares to the historical average of 97%.

Wheat is mixed this morning with Chicago wheat trading slightly lower but KC and Minneapolis slightly higher. July Chicago futures are 24 cents off yesterday’s high but are still trending significantly higher since April.
The crop tour in Illinois has seen soft red winter wheat yields at a record 104.8 bpa which is well above last year’s tour findings of 97.1 bpa. The tour surveyed 58 fields on Tuesday in the southern part of Illinois.
In Argentina, the southern-central states of Buenos Aires and La Pampa are seen yielding 41% more this season than last year’s drought year with regional production seen at 4.7 mmt with help from increased planted acreage by 7%.

Amanda Brill