Tuesday, May 21, 2024          
Morning Markets: Corn: +1 old & new. Beans: -6 old & -1 new. Wheat: +10.
Turn around Tuesday so far in the overnight night trade to start the second day of the week at the CBOT. US farmers made more progress than was expected on planting their crops in the past week, which has caused some weather premium to be extracted this morning. Last week's highs continue to be upside resistance for corn and wheat, while the May highs from two weeks ago are the upside target in soybeans. Price discovery continues to be a product of weather, with crops planted beyond Monday considered 'late' by most agronomists. Corn futures are trading 2-3 cents lower, soybean futures are trading 6-12 cents lower, and the Chicago wheat market is down 2-3 cents. Products are lower, soybean meal is down $1/ton, and soybean oil is trading 60-80 points lower. Outside markets are also mostly lower, crude oil futures are down around $1.50/bbl, the Dow Jones index is unchanged, and the US$ index is also unchanged.
Crude Oil is down $1.34 at $78.46.               
U.S. Dollar is +0.4% at $104.536.
Global Equities: Japan -0.3%, China -2.1%, and Europe -0.8%.
Dow futures is +4 points at 39,948.
EU MATIF Exchange: Corn -0.9%, and Wheat -0.3%.
  • A third system is seen bringing moisture into the South/Southeastern US into this weekend. Models are continuing to try and forecast pattern changes into the first week of June, but confidence is low. Low pressure storm systems will continue to sweep through the Midwest for another week to 10 days.
  • Monday afternoon's planting progress update showed that as of Sunday May 19th, US corn was 70% planted and US soybeans were 52% planted. These were increases of 21% and 17% respectively, which was more than the trade had anticipated.
  • International grain trader Bunge announced they had gradually begun resuming operations at their Rio Grande port terminal in Southern Brazil as of Monday. According to a statement, grain reception and loading has resumed, while its local soy crushing unit is expected to go back online by the end of the week.
  • An employee died Sunday at a Nutrien potash mine in Saskatchewan, temporarily shuttering the operation as the company investigates, the company said Monday. The death took place at the railcar-loading facility at Nutrien's mine near the town of Rocanville, about 250 km (150 miles) east of the provincial capital Regina. Potash is a primary ingredient in agricultural fertilizers. In a statement the company said it is conducting an internal investigation and is cooperating with the authorities. "Our current focus is on ensuring we have support services available to all those involved," the statement said, adding that the company is "unlikely to have further details until the completion of internal and external investigations."
  • 113,050 metric tons of corn for delivery to Mexico. Of the total, 56,525 metric tons is for delivery during the 2023/2024 marketing year and 56,525 metric tons is for delivery during the 2024/2025 marketing year.
  • 110,000 metric tons of corn for delivery to Spain during the 2023/2024 marketing year.
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.


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