Highlights
Palm oil prices were up 2% this past week, which supported soy oil and beans. The rumor that Biden may place a tariff on Chinese used cooking oil also supported bean oil.
Nutrein said they see US corn planted acres at 87 million vs. USDA March intentions of 90 million acres. That is 7+ million fewer corn acres than a year ago. That is 543 million bushels less production at the trend yield of 181. Bullish corn for sure, but we do not see that much of a shift in acres happening. In fact, right now, we expect corn has replaced some cotton and soybean acreage from the March Planting Intentions. The answer will be revealed on June 28th.
Buenos Aires Grain Exchange (BAGE) lowered its Argentine soybean production estimate a half million mts to 50.5 million (USDA 50).
French wheat condition ratings were unchanged this week at 64% good/ex, but down sharply from 93% last year. This is the lowest rating for this time of year since 2020.