Good morning,
This morning corn is down 1 and soybeans are down 2.
US corn and bean carryout were left the same yesterday and wheat moved up to 598 vs 568 a month ago. Argentina corn production dropped from 40 mmts down to 37 mmts and bean were dropped from 33 to 27 mmts. Brazil corn held steady at 125 and beans up 1 mmt at 154 mmt.
USDA 2022/23 US Carryout (billion bushels)
| USDA April | Average Estimate | USDA March | |
| Corn | 1.342 | 1.319 | 1.342 |
| Soybeans | .210 | .198 | .210 |
| Wheat | .598 | .574 | .568 |
USDA 2022/23 World Carryout (million tonnes)
| USDA April | Average Estimate | USDA March | |
| Corn | 295.35 | 295.01 | 296.46 |
| Soybeans | 100.29 | 98.56 | 100.01 |
| Wheat | 265.05 | 267.06 | 267.20 |
The Russians said the Black Sea grain deal “could not stand on one leg” and that the outlook for the agreement “is not good”, continuing to note obstacles for Russian agriculture and fertilizer exports. Meanwhile, Romanian farmers are threatening to begin a nationwide protest on June 7 unless the country bans Ukrainian grain imports and transit. UKR Railways has also suspended cargo transportation to Poland until further notice, including wheat & grains. Russia wants the SWIFT banking system opened up and sanctions dropped. Their old crop export window is closing as most of what they needed to sell has been moved out at a record pace. They won’t need to move much grain until the winter wheat crop arrives early this summer.
US weather looks good for planting over the next week. A warmup until the weekend when some light showers develop around the Midwest. More rain has been added to the weekend totals of .25-1 inch with about 50% coverage. Next week will be on the cool side.
Have a Safe Day!
Garry Gard
920-348-6844
