Day 2 Crop Tour + Cattle COLLAPSE

Grain Markets and Other Stuff

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Here’s the latest crop tour and market update:
🌽 Pro Farmer Crop Tour Findings:
Indiana: Corn yield projected at 187.5 bpa, up from last year's 180.9 bpa. USDA’s forecast is higher at 207 bpa. Soybean pod counts soared to 1,409 per 3x3 plot, up 8% from last year. USDA is projecting a record soybean yield of 62 bpa for the state.
Nebraska: Corn yield estimated at 173.3 bpa, up from last year's 167.2 bpa. USDA's forecast is a record 194 bpa. Soybean pod counts are strong at 1,172 per 3x3 plot, up 1% from last year. USDA projects a nearly 15% rise in soybean yield to 59 bpa.
🐄 Cattle Futures:
Market Trends: Cattle futures continue to drop, hitting new lows for each contract month. The selloff follows Vice President Harris’s announcement on tackling "price gouging," which could impact the beef market. Despite historically low beef cow numbers, the market remains bearish. The USDA's monthly cattle on feed report due this Friday will provide further insights.
🌾 Russia's Wheat Crop:
Weather Impact: Late spring frosts, dry conditions, and flooding have harmed Russia's wheat crop. The agriculture ministry maintains a forecast of 86 mmt, but estimates could be reduced. Sovecon’s projection is lower at 83.3 mmt. Geopolitical tensions are also rising with recent missile and drone attacks on Ukraine.
📦 US Soybean Flash Sales:
Recent Sales: US exporters sold 132,000 mt (5 million bushels) of soybeans to China and 239,492 mt (9 million bushels) to Mexico for delivery during the 2024/2025 marketing year.
💵 US Dollar Decline:
Market Impact: The US dollar fell to its lowest level since the beginning of the year amid expectations of a Federal Reserve rate cut. The dollar has weakened as economic concerns ease and with strong retail sales data, markets are anticipating up to four quarter-point rate cuts before year-end.
Stay tuned for more updates as the crop tour continues and market conditions evolve! 🌾📉🚜

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