|
|
Friday, May 10, 2024
MARKET SUMMARY:
Good morning. Happy Friday. And happy USDA report day. Markets are higher to start in anticipation of today's data led by wheat futures. Continued concern over cold weather in Russian wheat producing areas has fund traders continuing to cover shorts in the overnight market. Not to be lost in today's shuffle will be this afternoon's COT report, which will likely show another large week of buying across the ag space. Corn futures are trading 2-3 cents higher, soybean futures are trading 1-2 cents higher, and the Chicago wheat market is up 8-13 cents. Wheat is roughly a dime off its highs. Products are higher, soybean meal is up $1-2/ton, and soybean oil is up around 30 points. Outside markets are in the green as well, crude oil futures are up 30-40 cents/bbl, the Dow Jones index is up 100 points, and the US$ index is up 5 points.
Crude Oil is up $0.37 at $79.63.
U.S. Dollar is +0.2% at $105.241.
Global Equities: Japan +1.2%, China +1.2%, and Europe +0.5%.
Dow futures is up 48 points at 39,584.
EU MATIF Exchange: Corn +0.9%, and Wheat +1.8%.
WEATHER:
- Weather models are mostly unchanged again overnight. Both the Eu and the GFS model have turned slightly wetter for next week, but confidence is low. Temps will be cooler in the South and East generally through the weekend, before becoming more normal next week.
OTHER HEADLINES:
- Bunge announced it has suspended operations at its Rio Grande and RGDS soybean crushing plants amid forecasts for more rain and recent flooding. The company said the decision was taken as a precautionary measure, and operations would remain halted until a safe return was possible.
- Soy and corn harvesting in Rio Grande do Sul state has progressed slowly, according to fresh estimates by crop agency Emater on Thursday, which confirm fears that floods continue to disrupt field work and will impose heavy losses on local farmers. In a weekly report issued Thursday, Emater calculated 78% of the soy area had been reaped so far in Brazil's southernmost state, short of the 89% historical average for the period. Emater also said local growers harvested 86% of the corn area, an advance of just three percentage points from a week ago.
- Brage shipments down the Mississippi River for the week ending May 4 were down 4.8% from the previous week at 421k tons. Corn shipments at 338k tons were up 5.6%, while soybean shipments of 55k tons were down 43%.
- US President Joe Biden is set to announce a new list of Chinese tariffs as early as next week, which look to target EV's, batteries and solar equipment according to people familiar with the matter.
- Israeli tanks have effectively encircled the Eastern half of Rafah in Southern Gaza overnight, despite warnings by President Biden that arms shipments would stop should the IDF attack Rafah.
- Brazil will remain a competitive corn supplier in global markets thanks to yet another year of abundant production, Paulo Sousa, chief executive of grain trader Cargill in the country, said on Wednesday during an industry event. However, the country will not maintain its position as the world's largest exporter, which it won last year after briefly overtaking the United States, he said. Brazil is currently cultivating the "safrinha" corn, which is planted after soybeans are harvested in the same areas and represents 70%-80% of national output, depending on the year.
- Beyond Meat posted a wider-than-expected quarterly loss and an 18% drop in revenue on Wednesday as its higher priced plant-based meat products hit volumes. Demand for Beyond Meat's products - including burger patty, sausages and ground beef - weakened as their customers such as McDonald's and Yum saw sluggish consumer demand owing to sticky inflation.
- The Scottish government on Friday confirmed a case of classical bovine spongiform encephalopathy (BSE), commonly known as mad cow disease, on a farm in the southwest of the country. The government has imposed precautionary movement restrictions at impacted premises and on animals which had been in contact with the case in Ayrshire, it said in a statement.
EXPORT NEWS:
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.
|
|
