Highlights
On Friday, May 10th, the USDA will issue its monthly S&D, but this one will include the 2024 harvested crops for the marketing year starting June 1st for wheat and September 1st for corn and beans. We know the yields will be trend yields from the Outlook Forum in February and we know the acres will be the March Planting Intentions. What we do not know is what the demand numbers will be. Certainly, corn for feed use, ethanol, and exports should be a bit more than what the current year and soybean crush will be more. After the growing season, given the world’s current weather problems, political turmoil, and the big shift coming this spring or summer from El Niño to La Niña, world crop production should be no more than the past year.
Wayne Bacon is President of Hammersmith Marketing Ltd, Nassau, Bahamas and has worked in the international grain trade for more than 45 years, often in affiliation with the U.S. Grains Council. Some of his comments from Saturday:
"Soybeans were the strongest moving up by about USD 13 m/t with soymeal up by close to USD 25 m/t. Corn was only up by about USD 3 m/t while US spring wheat was USD 6 higher and some winter wheat was up by USD 4 m/t.
The push higher in soybeans and meal is seen as related to the flooding in Brazil that could cause serious crop losses and is said to have stopped soymeal production at some facilities. Soybean harvesting is seeing major delays due to the rain and flooding.