Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
We kickoff the day with Fed Waller Speech at 2:00 A.M., Dallas Fed Manufacturing Index at 9:30 A.M., 3-Month & 6-Month Bill Auction at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Fed Daly Speech at 1:00 P.M., and Crop Progress at 3:00 P.M.
Ag Resources (ARC) is expecting US corn & soybean condition ratings to decline 3-5% today due to heat and dryness across the E Midwest and flooding across the Northwest Midwest. This is not a start to be desired. CBOT futures are mixed to start the week with wheat values weaker on continued chart selling while soybean futures bounce. Central US forecasts have improved from the last several rain chances for the E Midwest. Yet, the trade is likely not giving enough yield concern to the widespread flooding that is occurring across the Northwest Midwest. This is a case where rain is not making grain and this high yielding area will struggle with drowned out crops due to ponding and the leaching of nutrients and elevated disease pressures. It seems unlikely that the 2024 corn yield will surpass last year’s 177.3 BPA record.
This is a sign with global weather patterns affecting crops across the globe… Who can fill the void of exports?
Drought & Flooding – Not A Good Sign For Yields. The Corn & Ethanol Report 06/24/2024
We kickoff the day with Fed Waller Speech at 2:00 A.M., Dallas Fed Manufacturing Index at 9:30 A.M., 3-Month & 6-Month Bill Auction at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Fed Daly Speech at 1:00 P.M., and Crop Progress at 3:00 P.M.
Ag Resources (ARC) is expecting US corn & soybean condition ratings to decline 3-5% today due to heat and dryness across the E Midwest and flooding across the Northwest Midwest. This is not a start to be desired. CBOT futures are mixed to start the week with wheat values weaker on continued chart selling while soybean futures bounce. Central US forecasts have improved from the last several rain chances for the E Midwest. Yet, the trade is likely not giving enough yield concern to the widespread flooding that is occurring across the Northwest Midwest. This is a case where rain is not making grain and this high yielding area will struggle with drowned out crops due to ponding and the leaching of nutrients and elevated disease pressures. It seems unlikely that the 2024 corn yield will surpass last year’s 177.3 BPA record.
This is a sign with global weather patterns affecting crops across the globe… Who can fill the void of exports?
Have A Great Trading Day!
Have A Great Trading Day!
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Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn