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Tidbits, Floods, Palm Oil, BRICS 7/3/24

Highlights


The flooding on the Mississippi is worse than initially thought. It now looks like the entire Mid-Mississippi north of mile 270 could be closed through the first half of July. Force majeure is in effect. Beans and corn basis near the river north of mile 270 will probably weaken and basis further away from the river can be expected to firm.

 

Force majeure is a provision in a contract that frees both parties from obligation if an extraordinary event directly prevents one or both parties from performing according to the terms of the contract. Force majeure means your merchandiser can refuse to allow you to deliver your corn or beans as contracted for July delivery. It also means if your bins are in 4 feet of water, you do not have to deliver if you declare force majeure. Be advised that some grain delivery contracts are written that the merchandiser can declare force majeure, but farmers cannot.

 

Dr. Cordonnier estimates US corn yield at 179, harvested acres down near 1.0 million with corn production at 14.77 billion (USDA 14.86 and 15.1 billion given the June 28th acreage number from USDA).

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