Despite a shrinking corn crop, Argentina raised its corn export limit from 30 million mt to 35 million mt. That pressured corn yesterday.
The People’s Bank of China unexpectedly cut the five-year prime interest rate yesterday. That will boost the Chinese economy and, therefore, the world economy; we could reasonably export more corn and soybeans to China.
The economy in China must not be too bad. China’s crude oil imports from its top supplier, Saudi Arabia, soared 38% in April from a year ago and Russian crude oil imports were up 4%. China’s April crude oil imports were the highest monthly volume since May 2020.
Nationwide, the US corn basis is stronger than anytime the past ten years (2012 drought).
Cumulative old crop soybean export sales are 2% more than the USDA’s forecast for the marketing year. The five year average US export pace for this date is 2% less than USDA projected soybean exports.
Monkeypox is the latest virus to plague the world. It is a rare viral disease typically limited to west and central Africa. There have been dozens of cases reported with Australia, Canada, Italy, and Sweden have become the latest countries to report their first confirmed cases of monkeypox. Canadian officials said 17 suspected cases in the greater Montreal region are being investigated.
There was a case identified in Massachusetts on May 18 with a man who recently traveled to Canada. A suspected case is being investigated in New York City. The United States recorded two monkeypox cases in 2021.