Tuesday, April 23, 2024
Morning Markets: Corn: -1 old & new. Beans: -2 old & new. Wheat: +3.
Macon County Lady Landowners will be doing a presentation and tour of the Michael D. Andreas Agriculture Building on Thursday, May 9,2024 at 1130am. If you are interested in attending you can call or email Katherine Betz at 217-672-8275 or nomn9527@yahoo.com or Pam Jarboe at 217-841-4420 or pdjarboe@prairienet.net. Thank you!
MARKET SUMMARY:
Not much turn-around Tuesday so far in the overnight trade, as Monday's gains have not been given back to this point. Wheat futures continue to chug along, as yesterday afternoon's further decline in US winter wheat conditions gave the trade another reason to hit the buy orders early Tuesday morning. Key for today will be whether gains can be held on to throughout the day, or if selling emerges during the day session. Products are lower, soybean meal is down around $1/ton, and soybean oil is trading 10-15 points lower. Outside markets are mostly lower, crude oil futures are trading 50-60 cents/bbl lower after being around $1 higher early last night, the Dow Jones index is unchanged, and the US$ index is down 10 points.
Crude Oil is down $0.37 at $81.53.
U.S. Dollar is +0.1% at $106.117.
Global Equities: Japan +0.1%, China +1.9%, and Europe +0.9%.
Dow futures is up 106 points at 38,574.
EU MATIF Exchange: Corn +0.2%, and Wheat -0.1%.
WEATHER:
Rains are falling this morning across parts of Iowa and Missouri, with a small system expected to make its way East into Illinois through the day Tuesday. Both the EU and the GFS models were wetter overnight than yesterday in the one-week period, and both have added much-needed moisture for the Western Plains.
OTHER HEADLINES:
As of April 21st, US producers have planted 12% of the corn crop, up 6% from last week. The five-year average for this week is 10%, while we were 12% complete this week last year. Of note, IL is 11% done, IA is 13% and IN is just 2% done. TX is 68% complete, NC is 51%, and MO is 47%. Soybeans are 8% planted as of April 21, up from 3% last week and equal to last year's pace at this time. The five-year average for this week is just 4% complete. Of note, IL is 11% done, IA is 8% done, and IN is just 2% complete. AR is 43% done, and LA is 42% done.
Bayer confirmed its full year forecast for earnings and cash flow on Monday despite slow business at its crop science and consumer health divisions. "Our Crop Science and Consumer Health division expects a slow start to the year due to market dynamics, but we feel confident in our full-year targets and the direction of our businesses," CEO Bill Anderson said in his speech for the April 26 annual general meeting (AGM), which was posted on the company's website on Monday.
Ukraine grain exports might total 6-7 mln metric tons in April despite Russian attacks on Ukrainian port infrastructure on the Black Sea, industry source told Reuters. Russia has recently stepped-up attacks on Ukrainian seaports, damaging grain storage facilities in the Port Pivdennyi in Odesa region last week. Local media reported one of the strikes may have damaged railway tracks to the port of Chornomorsk cargo terminals in the region.
India's sugar consumption this year is poised to hit a record high as demand during the peak summer season gets a boost from heat waves and the mobilization of millions for elections in the scorching temperatures. Higher consumption would lift local prices and boost margins of sugar producers such as Balrampur Chini, Shree Renuka Sugars, Bajaj Hindusthan, and Dwarikesh Sugar and help them in making cane payments on time to farmers. Consumption of cold drinks and ice cream, and as a result demand for sugar, rises in India during the summer months roughly from mid- March to mid-June.
The European Union's crop monitoring service MARS on Monday raised its forecast for most cereals and rapeseed, saying warm and wet spring weather had benefited crops in most parts of the bloc. Persistent rain in France, the EU's largest grain producer, earlier this month had raised analyst and farmer concern of further production losses. "Exceptionally warm spring temperatures, combined with adequate water supply in most parts of Europe benefited winter crops and created favorable conditions for the sowing and emergence of spring cereals and summer crops," MARS said in a monthly report.
Brazil's government said on Monday that four additional poultry plants have been cleared to sell halal products to Malaysia, a move it hopes will allow exports to the Asian country to double when compared to last year's levels. The South American country, the world's largest exporter of chicken meat, sold 13,600 metric tons of halal chicken to Malaysia in 2023, which was worth some $20 million, according to government data.
EXPORT NEWS:
N/A
Have a wonderful day!!!!
Chelsey White
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
Phone:: 217-794-2240
E-Mail:: cwhite@tfgrain.com
Web:: www.topflightgrain.com
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
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