Commodity Comments: 

6/28/24

Definitely a market moving report today, just not in the direction we have been wanting. 

1.5 million more acres of corn than the March Intention report. 91.5 million acres of planted corn for the 2024 crop year. Kansas and Iowa were 1.2 of the 1.5M additional acres. Currently the USDA has the harvest acreage as 91.2% of the planted acreage. The flooding in MN, SD and IA haven't been factored in.

Old crop corn didn't leave us any hope either with Stocks 120 million more bushels than the trade average. Exports and feed usage were cut. The US has definitely missed their fair share of PNW business throughout the entire crop year, mainly due to the value of the dollar in the world market. The Safrinah corn crop will start hitting the world market around August 1st. 

Soybean acreage was reduced by 410,000 from the March report. ND is reporting a 600,000 increase in bean acres for 2024. 

Harvested winter wheat acres are 610,000 higher than the report released a few weeks ago. Texas was more than half of that number. 

Spring wheat acreage was in line with the March estimate.

If you ever have any questions regarding the different types of contracts that JVG offers, please give us a call.  We have cash, futures fixed, Minimum Price, Averaging and Basis Fixed available.  Also, if you hear of different kinds of contracts that you may be interested, let us know.   

 

Tiffany Heier