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Tidbits, Planting Progress, Spain, Rice, ENSO, Export Inspections 6/4/24

Highlights


Crude oil prices dropped $2+ yesterday when Israeli Prime Minister Benjamin Netanyahu said that he is ready to suspend hostilities in the Gaza Strip for six weeks, but will not agree to a complete ceasefire. He said there are many details that need to be worked out. That means a cease-fire will probably not happen. Lowe crude oil prices mean lower prices for biofuels and that means lower prices for corn and beans.

 

Corn planting was reported to be 91% complete vs. 92% expected and 89% complete on average with 74% of the corn emerging vs. 73% average.

 

Corn condition is rated 75% good or excellent vs. 70% expected. The average for this week is 72% good/excellent and last year it was 69%.

 

Corn export inspections were the highest in 6 weeks at 1.374 mil mts and above the high end of the range of expectations. See the chart below.

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