Topflight Grain Co

Friday, May 3, 2024
Morning Markets: Corn +6 old & +5 new.
Beans +10 old & +8 new. Wheat +20.

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@prairieinet.net. Thank you!

MARKET SUMMARY:
Ag markets are following through to the upside to end the week as fund managers continue to cover shorts and the weather situation around the world remains less than ideal. The US is too wet for planting, the Black Sea/Russia is hot and dry, Southern Brazil is experiencing torrential flooding, and Argentina has frost concerns with a delayed harvest. The funds continue to lighten up their large net short position. Sounds like a little bit of US bean business has been done on old crop this week. The producer did engage a little more freely yesterday and again so far this morning. It is mostly weather stories running the market right now, which can be hard to trust from day to day. This will remain the topic of conversation until the crop reports next Friday.

Crude Oil is up $0.28 at $79.23
US Dollar is down at $105.164
Global Equities: Japan -0.0%, China +1.5%, and Europe +0.5%
Dow futures up 305 points at 38,687
Malaysian Palm Oil: +0.0%
EU MATIF Exchange: Corn +1.5% and Wheat +2.0%

WEATHER:

Heavy rains fell in the heart of the Midwest over the past 24 hours and are moving out through the ECB today, with multiple systems on tap over the next five days. Extended maps are cooling a bit but still wet throughout.
Argentina remains mostly dry for harvest.
Heavy rains continue in south Brazil stalling soybean harvest and reportedly causing excessive wetness and production losses.

OTHER HEADLINES:

Bird flu likely circulated in US dairy cows on a limited basis for about four months before federal officials confirmed the disease has now spread to nine states. The US Department of Agriculture reported the first ever H5N1 virus infection in a dairy cow in Texas on March 25, following reports of decreased milk yields in multiple states.
Torrential rainfall in Brazil's second largest soybean and sixth largest corn state is disrupting the final stages of the harvest. Historically, soy farmers in Rio Grande do Sul would have harvested 83% of the area at this time, but the heavy downpours have disrupted the work. Still, the soybean harvest in the state had reached 76% of the planted area by Thursday, an increase of 10 percentage points compared with the previous week.

EXPORT NEWS:

Private exporters reported sales of 122,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.

Have a great day!!

April Morgan
Grain Originator – Atwood, IL
Topflight Grain Cooperative, Inc.
Phone: 217-615-1348
Email: amorgan@tfgrain.com

This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular 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.