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GRAIN REPORTS:
Click Here for the 2024 Agricultural Report Calendar.
Weekly Export Inspections: Monday (10:00 am)
Weekly Ethanol Production: Wednesday (9:30 am)
Weekly Export Sales: Thursday (7:30 am)
USDA Drought Monitor: Thursday (7:00 am)
MORNING COMMENTS:
Thursday April 25th, 2024
Next Monday (April 29th) is the last day for May 24 futures (Corn, Beans, & Wheat).
Corn +1
Corn futures were mixed after a quiet and uneventful overnight session. May 24 futures are trading a few cents higher than its 10-day moving average of 4.34’6. December 24 futures are a nickel away from reaching its 50-day moving average of 4.79’6. the US cash markets are holding steady this week. US weekly corn exports were 1,299,900 MT and above the market’s estimate. The top buyers were Mexico, South Korea, and Japan. The dry season has started in central regions in Brazil. Argentina is dealing with concerns regarding the spiroplasma disease.
Beans -8
Bean futures are trading lower across the board. May 24 and November 24 futures fell below all their moving averages. Bean futures were pulling some strength from bean meal yesterday, but they failed to hold near the highs at the close. US bean export sales were disappointing again this week at 210,900 MT, and below the market’s estimate. US bean export sales were 57% lower than last week, and 9% lower than the 4-week average. The weather forecasts in Argentina are calling for hot and dry conditions for the next few weeks. This should help push their harvest along. Brazil’s bean harvest is also finished with their farmer selling behind the average pace.
Spring Wheat +5
Winter Wheat +1
Wheat futures are trading higher this morning in both markets. Mpls July 24 futures climbed higher than its 50-day moving average of 6.90’6. KC July 24 and September 24 are trading between their 100-day and 200-day moving averages this morning. Mpls September 24 futures are trading a few cents higher than its 100-day moving average of 6.98’6. The wheat market are drying some support from the drought conditions in the Black Sea region, but they do have some chances for scattered rain showers during the next 6-10 days. The US weather forecast are predicting scattered showers across the Southern and Central Plains during the next 7 days. Taiwan purchased 106,00 MT
Hallie T
Crop Progress Report Apr 22nd
Corn Planted at 12% > 10% Avg
Soybeans Planted at 8% > 4% Avg
Spr Wheat Planted at 15% > 10% Avg
NOPA Soybean Crush for March
196.41 < 197.78 Est
Soy Oil Stocks
1,851 bil lbs > 1.792 Est
USDA Crop Report 4/11/24
Ending Stocks
Corn 2.122 > 2.102 Est / Mar 2.172
Beans 340 > 317 Est / Mar 315
Wheat 698 > 690 Est / Mar 673
Soybean Exports Cut 20m
Corn Ethanol up 25m
Corn Food/Seed/ Ind. up 25m
World Ending Stocks
Corn 318.3 > 316.7 Est / Mar 319.6
Beans 114.2 > 113.7 Est / Mar 114.3
Wheat 258.3 < 259.1 Est / Mar 258.8
Argentina / Brazil Production
Brazil Beans 155 > 151.7 Est / Mar 155
Brazil Corn 124 > 121.75 Est / Mar 124
Argentina Beans 50 < 50.48 Est / Mar 50
Argentina Corn 55 < 55.6 Est / Mar 56
CONAB Brazil Production Est. 4/11/24
Beans 146.52 MMT < 146.86 MMT Feb
Corn 110.96 MMT < 112.76 MMT Feb
Safrina Corn 85.62 MMT < 87.35 MMT Feb
Dr. Cordonnier Crop Estimates
Brazil Corn 112 MMT
Brazil Beans 147 MMT up 2
Argentina Corn 50 MMT down 3
Argentina Beans 51 MMT
West-Con has Three Shuttle Loading Locations
APPLETON, MN
Hwy 119 S 458 Munsterman St.
Appleton, MN 56208
Scale Ext 1401
Elevator has 3.45 million storage
110 car shuttle loader
Twin Cities & Western
UP, CP & BNSF Railways
HOLLOWAY, MN
520 County Rd 9
Holloway, MN 56249
Scale Ext 1217
Elevator has 8.6 million storage
110 car shuttle loader on BNSF
TWIN BROOKS, SD
47229 US Highway 12
Twin Brooks, SD 57269
Scale Ext 1305
Elevator has 8.3 million storage
110 car shuttle loader on BNSF
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