Topflight Grain Co

Friday, April 26, 2024

Morning Markets: Corn: -1 old & new. Beans: -5 old & -3 new. Wheat: +3.

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:

Happy Friday. Ag markets are mixed/lower in light volume to start out the last trading day of the week. Fund short covering is likely to be the theme on Friday, as managed money doesn't want to get caught too short ahead of a new growing season. Otherwise, fundamentals remain mostly the same as they have all week, with yesterday's financial data and the ensuing stock market sell-off doing little to aid the bull’s cause. Products are mixed, soybean meal is down $2-3/ton, and soybean oil is up 5-10 points. Outside markets are in the green, crude oil is 70-80 cents/bbl higher, the Dow Jones index is up 50 points, and the US$ index is 20 points higher.

Crude Oil is up $0.65 at $84.04.
U.S. Dollar is +0.1% at $105.721.
Global Equities: Japan +0.9%, China +2.1%, and Europe +0.6%.
Dow futures is up 33 points at 38,321.
EU MATIF Exchange: Corn -0.5%, and Wheat -0.3%.

WEATHER:

The GFS is slightly farther North and East with this weekend's rainfall, though both models see upwards of 5-6" in some places, with a large area generally expected to see 1-3". Rain will delay planting in the short-term but will be a big boost for soil moisture ahead of a new growing season.

Temps will increase this weekend to above average and look to remain there for most of the US next week with Midwest highs in the 70's/80's for most of the corn belt.

OTHER HEADLINES:

Colombia has restricted the import of beef and beef products coming from U.S. states where dairy cows have tested positive for avian influenza as of April 15, according the U.S. Department of Agriculture. It is the first country to officially limit trade in beef due to bird flu in cows, in a sign of a broadening economic impact of the virus that has restricted poultry trade globally. Colombia imports a small amount of beef from the U.S. annually, according to government data and market analysts.

Dry and hot weather throughout the season in northern Argentina may lead the Buenos Aires grains exchange to reduce its estimate for the country's 2023/24 soybean crop, currently sitting at 51 million metric tons, the exchange said on Thursday. The South American country is one of the world's largest exporters of soy oil and soymeal. In Argentina's northern provinces, initial harvesting showed "below-average" yields, the exchange said. "If this trend continues, our crop projection could be affected," the exchange - which has already cut its estimate once this season on the weather - said.

Q1 GDP, out yesterday morning, showed the US economy grew at its slowest pace in nearly two years, which further cements the idea that rate cuts may be hard to come by at all in 2024, let alone seeing multiple of them.

Headline PCE inflation this morning is expected to have ticked up a notch last month to 2.6%, though the core rate is seen down slightly at 2.7%. These numbers will likely key stock index futures in early trade this morning.

EXPORT NEWS:

N/A

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.