BASIC & RECENT MARKET INFO

Tidbits Conservation Reserve Program:  On Wednesday, the USDA announced acceptance of 1.78 million acres into the Conservation Reserve Program (CRP). About 25.8 million acres are currently enrolled in CRP, which is in its 40th year. FSA received offers on more than 2.6 million acres. The program’s total acreage is capped at 27 million acres for fiscal year 2025. About 955,795 acres are expiring on September 30 this year. Producers submitted re-enrollment offers for just over

Tidbits Yesterday was the last trading day of the week, the month, and the marketing year for corn and soybeans. Unusual things can happen in a market on such days and so it was yesterday!   Corn  was sharply higher yesterday without any new news. We all know that yields will most likely come down in the coming months, corn and wheat exports are great and bean exports are great considering China is not buying any U.S. beans, ethanol crush is good, dry weather and disease will

Tidbits All September grain futures  positions and September basis contracts must be priced or rolled today before the close. As expected, CBOT contracts were weak yesterday as they usually are a few days before the first notice day for deliveries on futures contracts, which is Friday. Today is a toss-up as far as traditional up or down price day, but first notice day is usually an up day. The Hard Red Winter Wheat futures market made new contract lows each of the past two da

Tidbits Pro Farmer published Crop Tour results. We will analyze the tour results tomorrow. Economy:  On Thursday, S&P Global reported the U.S. August S&P manufacturing Purchasing Managers Index (PMI) unexpectedly rose 4.5 points to a three-year high of 53.3, better than expectations of a decline to 49.7.  Also, the Eurozone August S&P manufacturing PMI unexpectedly rose 0.7 to a 3-year high of 50.5, stronger than expectations of a decline to 49.5.   Federal Reserve Chairman J

Tidbits Yesterday morning, the USDA announced the sale  of: 102,870 mts of new crop corn to Mexico 140,000 mts of new crop corn to South Korea 142,500 mts of new crop soybeans to Mexico   While the Chinese  government has yet to issue an official statement, Chinese  importers  have reported to the USDA’s Foreign Agricultural Service that applications for the market-based tariff exclusion will no longer be accepted starting August 1. This includes products like grains, tree nu

Tidbits The number of daylight minutes  will decline every day for the next six months for most of our clients.   Yesterday morning, the USDA announced the sale  of 124,000 mts of new crop corn to unknown. Weekly corn export sales were more than a million mts (41 million bushels) and the weather is going to be brutal for corn and beans this weekend. None-the-less, yesterday's corn action was very disappointing. July corn had a 6¾¢ range, made a new contract low by a penny and

Highlights From The Moscow Times: European lawmakers on Thursday approved new  tariffs on Russian fertilizer  imports, a move aimed at cutting financial support for Moscow’s war effort, but one that has sparked concerns among EU farmers over rising costs.   More than a quarter of the EU’s nitrogen-based fertilizer imports currently come from Russia, with additional volumes entering from Belarus, a close ally of Moscow. The EU Commission wants to end that dependence.   The tar

Highlights Eduardo Vanin of AgrInvest Commodities in Brazil about the U.S. corn  outlook written Wednesday afternoon: "The short-term fundamentals of American corn are still positive. American corn is the most competitive in most destinations. The market is no longer looking at this, but at the increase in supply for the 2025-26 season. This week, corn offered by the PNW gained two more tenders in South Korea. Sales should continue to be good, but some factors are starting to

Tidbits March options expired  yesterday at the close. Corn and bean prices were lower, which usually happens on the expiration day for options. Next Thursday is the last trading day before first notice day, which means Wednesday and Thursday most likely will be down days for corn and beans and Friday will be an up day.   Argentina’s FOB corn price was down 10¢ a bu. this week for April and May shipments. We might start seeing Argentina competing with U.S. corn in Asia. In Br

Highlights Despite many rumors and some “reports” Friday to the contrary, the White House confirmed in a press briefing tariffs  they will go into effect today. The Press Secretary Karoline Leavitt stated, "The President will be implementing tomorrow, 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they sourced and allowed to distribute into our country which has killed tens of millions of Americans."   President Donald Tr

Tidbits A trade dispute panel ruled Mexico violated the USMCA (US, Mexico, Canada Agreement) when it banned the import of GMO corn  in early 2023. As Mexico is the top destination for U.S. corn, yesterday’s ruling is a win for U.S. corn farmers.   However, note that shortly after Mexico announced the ban on GMO corn, Mexico modified the regulation to just human consumption corn, which is not much corn.         Bulgaria's oilseed crop  this year was its lowest crop in more tha

Tidbits Yesterday’s weakness for corn and beans was a result of speculative profit-taking after four days of gains earlier in the week, options expiration, and merchandiser pre-hedging in the corn. The weakness in wheat made no sense at all.   Yesterday morning, USDA announced the sale of: 116,000 mts of old crop soybeans to China and 136,000 mts of old crop corn to Mexico   Since Monday, the US reported “flash” sales like the above notice totaled 1.347 million mts of beans (

Highlights Late Saturday afternoon, three of Libya’s oilfields received instructions to resume production, engineers at the fields told Reuters. A standoff between rival political factions shut most of the country's oil fields last week. The resumption order was made by the fields' operator, the Arabian Gulf Oil Company, which did not provide any reasons, according to the engineers. A struggle to control the Central Bank of Libya (CBL) sparked a blockade of oil production and

Highlights Bloomberg reported what may go down as the most spectacular IT meltdown the world has ever seen, which occurred yesterday, was caused by a botched software update from cybersecurity firm CrowdStrike. The update crashed countless Microsoft Windows computer systems all over the world, idling airlines, banks, hospitals and even the London Stock Exchange. For several hours, bankers in Hong Kong, doctors in the UK, and emergency personnel in New Hampshire found themselv

Highlights The BN and UP railroads are holding-up rail traffic at the US/Mexico border, which may have stopped all corn by rail to Mexico to halt illegal entry to the USA on freight trains. The railroads halted rail service to Mexico back in December due to illegal immigration. Who would have thought Biden’s policies on illegal entry to the USA would disrupt corn exports?   There are 163 million bushels of corn sold to Mexico yet to be shipped this marketing year. That is an

Highlights The seven days are expected to be very, very wet for the central US with heavy rain from Canada to Texas and from Nebraska through Indiana. Western Kansas is expected to see only light rains with Eastern Kansas to see upwards of 1 to 2 inches (26 to 52 mm). Recent forecast for rains in Kansas did not materialize.    Kansas' wheat crop lost 7% from good and excellent categories, down to 36% this week. Worse yet, Oklahoma lost 11% out of the top two categories, now 4

Tidbits Yesterday’s Cattle on Feed numbers as a percent of a year ago:   On Feed: 100.9% expected, actual 101% Placements: 106.2% expected, actual 110%   Fed Marketings: 103.9% expected, actual 103%   Yesterday’s USDA Chickens and Eggs Report (% compared to a year ago): USA egg production in February was up 5% from last year from 1% fewer hens (377 million). Egg-type Chicks Hatched Up 7%. Egg-type eggs in incubators on March 1, 2024, up 5%. Egg-type pullet chicks up 3%. Broil

Highlights Front month corn and beans settled slightly higher yesterday after trading modestly lower most of the day and after a key reversal on Tuesday. From a technical perspective, a positive development.    The US Census Bureau is the final word on all numbers and today the Census Bureau will report the December crush numbers. October 2023 was the largest monthly soy crush ever for the USA at 201 mil bu, but the market expects the December soy crush will be 206.1 mil. bu.

Highlights Early yesterday morning there was a hint that Brazil’s weather forecast beginning January 1st was turning a bit drier. Yesterday morning, BAM Weather Guy Kirk Hinz posted on Twitter: "Going Drier vs. Data into Jan - making my latest SA ag weather video public today - give it a watch/listen! https://www.youtube.com/watch?v=JyutNKgQsVQ   Once again, data is wet for Central Brazil for the month ahead, once again the atmospheric ingredients do not agree.   I think Jan

Highlights A tow of barges ran aground near Vicksburg, Mississippi yesterday; navigation is closed until the tow is freed. Russia reported yesterday no progress has been made on the grain corridor and no talks about the subject have been scheduled. It was reported yesterday the Resilient Africa , carrying ~3,300 mts of wheat left Tuesday and on Thursday, the Aroyat , with ~17,600 mts of wheat left the Ukrainian Port of Chornomorsk. No reports of hostile action so far. Ukrai