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Tidbits, Banks, Crops, Crush, Export Inspections, Markets & Rain Days Update 5/2/23

Highlights


Crop conditions and progress reports yesterday afternoon were slightly supportive for wheat. Corn, at 26% planted, was slightly less than trade expected, but in line with the 10-year average. Full report for all crops and states at: https://grainstats.com/

The 6 to 10 day forecast predicts above normal rainfall from Canada to the Gulf of Mexico for all crop areas, including the PNW, except Michigan, Northern Ohio and Eastern Colorado.

JP Morgan acquired First Republic Bank, despite the rule against one bank controlling more than 10% of US deposits. JPM will post a $2.6 billion gain as a result of the deal and expects additional profit of over $500 million per year from the acquisition. The FDIC (that would be you, the taxpayer) is covering $13 billion in losses and supplying $50 billion in financing. JPM now holds more than $2.4 trillion in deposits.

First Republic Bank becomes the fourth regional US lender to collapse since early March and the second-biggest bank failure in US history.

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