Market Summary
1. Global Coarse Grain Production & Trade
- Production: Global coarse grain production for 2023/24 lowered by 2.7 million tons to 1,507.4 million tons.
- Trade: Corn exports higher for Ukraine and Argentina, lower for South Africa and India. Corn imports reduced for EU, Saudi Arabia, Israel, and South Korea, but increased for Mexico, Venezuela, and Indonesia.
- Ending Stocks: Global corn ending stocks down 2.4 million tons to 319.6 million tons.
2. Crop Prospects
- Southern Hemisphere: Attention on crops already planted and those being planted in the Northern Hemisphere.
- Eastern Europe & Black Sea: Wheat supplies tight, dryness persists in major growing areas.
- Midwestern U.S.: Forecast for drier, warmer summer; potential for below-average precipitation during summer months.
3. U.S. Corn Market
- Export Sales: Strong at 51.2 million bushels, above trade expectations.
- Cumulative U.S. Corn Export Commitments: 1.81 billion bushels, 19.8% above last year.
4. CBOT May 2024 Corn Futures
- Current Market Values: Not specified.
5. U.S. Weather & Crop Progress
- Highlights: Dry weather in Plains, favorable conditions for fieldwork in Midwest, mild weather in South.
- Outlook: Cold front crossing northern Atlantic Coast; storms in western U.S.; near- or above-normal temperatures and precipitation expected across most of the U.S.
6. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Average $177 per short ton, down slightly from previous week.
- Production: U.S. ethanol production down 3% week-over-week and 1% year-over-year.
7. Ocean Freight Markets & Spreads
- Panama Canal: Daily vessel transits set to rise to 32 starting June 1.
- Baltic Dry Index: Negative on weakness in Capesize sector; Panamax and Supramax sectors holding firm.
8. U.S. Export Statistics
- Corn: Net sales of 1,299,900 MT for 2023/2024, exports of 1,709,200 MT.
- Barley: No net sales or exports reported.
- Sorghum: Net sales of 38,000 MT for 2023/2024, exports of 144,900 MT.
