Corn:
- Prices rebounded $0.04-$0.06 today
- Corn emergence at 93% vs. 95% last year and 5 year average of 92%
- Ratings slipped 2% to 72% good/excellent, with a 2% shift to fair
- Crop Condition (CC) index at 83.1, matching highest since 2020
- Chinese imports in May 2024 at 1.05 million metric tons (mmt), down 37% from May 2023
- Year-to-date Chinese imports at 10.13 mmt, down less than 1% from last year
- EU corn imports through June 16th for 2023/24 marketing year at 17.97 mmt, down 30.6% from last year
Soybeans:
- Prices were higher: beans up $0.02-$0.16, meal up $1-$4, oil up 55 points
- Bean plantings at 93%, below last year’s 97% but ahead of 5-year average of 91%
- 82% of crop has emerged vs. 90% last year and 5-year average of 79%
- Ratings dropped 2% to 70% good/excellent
- ABIOVE lowered Brazilian production forecast by 1.4 mmt to 152.5 mmt
- ABIOVE export forecast unchanged at 97.8 mmt
Wheat:
- Prices $0.05-$0.09 lower across all 3 classes
- Winter wheat conditions improved 2% to 49% good/excellent
- Winter wheat CC index improved to 78.5, highest since 2020
- Current ratings suggest average winter wheat yield of 52 bushels per acre (bpa)
- Winter wheat harvest 27% complete
- Spring wheat ratings jumped 4% to 76% good/excellent
- Spring wheat CC index at 82.9, highest since 2019
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