Shanghai and Beijing have begun lifting COVID restrictions. The market thinks that will improve demand for US corn and beans.
AgRural raised their Brazilian corn production 1.5 million mt to 113.8 million. Of the total, the second corn crop is down slightly.
Yesterday, the corn basis at the Gulf was steady for June and down 1 cent for July. The Gulf bean basis was steady June through August.
Ukraine seeded 4.6 million hectares of corn this spring. That was 900,000 less than last year, but 1.1 million more hectares than the market expected. It has been very dry this spring, but 1 to 2 inches of rain fell over the weekend in the north and central areas, but those areas need more water soon and the south is really hurting for water.
Ukraine is the world’s fourth largest corn exporter even though, in a normal year, they grow one-tenth as much corn as the USA.