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:
Chicago wheat futures opened a penny lower last night and are taking a bit of a breather to this point in the overnight trade, while corn and soybeans trade either side of unchanged. Moving average resistance will be seen Tuesday in the form of the 100-day in Chi wheat futures, and in the form of the 20/50 day in the soybeans. Corn futures remain around 10 cents below their 100-day moving average, but this will be the next upside target here as well. Corn futures are trading unchanged to a penny lower, soybean futures are trading 2-3 cents lower, and the Chicago wheat market is down 5-6 cents. Products are mixed, soybean meal is up 50 cents/ton, and soybean oil is trading 20-30 points lower. Outside markets are also mixed, crude oil futures are around 50 cents/bbl lower, the Dow Jones index is unchanged, and the US$ index is up 20 points.
Crude Oil is down $0.65 at $82.71.
U.S. Dollar is +0.2% at $105.844.
Global Equities: Japan +1.7%, China +2.2%, and Europe +0.4%.
Dow futures is down -14 points at 38,712.
EU MATIF Exchange: Corn -0.1%, and Wheat -0.5%.
WEATHER:
- Good rains were seen yesterday for parts of Missouri, Illinois and Indiana according to satellite data, with totals of 0.1" to 1" for a good chunk of these states. This system exits the NE by Wednesday night, while the rest of the corn belt looks to be mostly dry today.
OTHER HEADLINES:
- Bunge beat Wall Street expectations for first-quarter profit on Wednesday as the grain trader and processor benefited from a recovery in processing margins and strong export volumes. U.S. exports of grains remained strong, benefiting the export business of Bunge, which, along with its peers, makes money by processing, trading, and shipping crops around the world. The company said its adjusted processing earnings before interest and tax rose to $411 million, compared with $404 million last year. The company said its processing earnings were driven by Europe and Asia offsetting weaker results in North and South America.
- A resolution on the trade dispute panel over Mexico's limiting of genetically modified (GM) corn imports is expected by September, Mexican Economy Minister Raquel Buenrostro said on Tuesday. The U.S. requested the panel under a trilateral treaty also involving Canada. Mexico is currently waiting to hear the United States' response to Mexico's arguments in favor of the curbs, Buenrostro told journalists. "The panel is progressing according to procedure, and we have to wait," Buenrostro said. "I think that by September it will be over."
- Brazil is expected to produce 88.3 million metric tons of animal feed in 2024, industry group Sindiracoes projected on Tuesday, up 2.4% from last year but slightly below the 89 million tons previously expected. The fresh estimate, Sindiracoes said, considers expectations for favorable performances in Brazil's poultry and pork sectors, which should be buoyed by strong exports this year, as well as a drop in local grain output. Corn is used to produce around 60% of animal feed in Brazil, while soymeal is used to make about 21%, Sindiracoes figures show. The South American country is a major global supplier of both grains and meat.
- Ukraine's grain exports in the 2023/24 July-June marketing season had reached almost 40 million metric tons as of April 24, against 40.7 million a year earlier, analyst APK-Inform quoted agriculture ministry data as showing on Wednesday. The data showed the overall volume included 4.9 million tons of various grains exported so far in April.
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.
