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Highlights, ENSO Weather & Prices, Markets & Rain Days Update 6/6/22

Highlights


A Russian missile hit the port city of Mykolaiv. Ukraine initially said there was slight damaged a Cargill Grain facility. Pro-Ukrainian press is making it sound like we will all starve to death in a matter of months. We are guessing the high for the day was made last evening.

Belarus stated this morning that the rail transportation of Ukrainian grain through Belarus is not going to happen given the EU sanctions Belarus.

The 6 to 10 day and the 8 to 14 day forecasts continue to predict the Corn Belt will generally have normal to above normal rainfall with normal to below normal temperatures. Fourteen days from now will be June 20th. That means the Corn Belt will have near ideal weather the first 20 days of June.

Normal weather produces trend yields, which means 181 bu. this year. Since we have never produced more than 177 bushel yields and the crop was planted a little late, let’s say normal weather produces 178 bushels.

That means sub $5 corn. Impossible you say? The world carryout for this year and last year in terms of days’ use are identical at 94 days of supply. The domestic carryover for this year is 34 days, one day less than last year’s carryout. The low last fall on December corn $4.97.

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