US: Afternoon highlights, 5.22.24

Published May 23, 2024

Tridge summary

This article provides an overview of the agricultural market, focusing on the closing positions of wheat, corn, and soybean futures. It highlights the variation in field work due to weather conditions across different states. Projections for export sales for the next two years are provided, with last week's sales figures also included. The article mentions changes in the US stock market and provides updates on crop estimates and sales from other countries like Brazil. It concludes by mentioning specific tender situations for wheat and wheat products from Tunisia and Jordan.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Highlights Good afternoon! Wheat futures took a breather and closed lower today, while corn and soybeans were higher. Estimates for 2023/24 export sales: wheat (100,000)-100,000 MT, corn 500,000-1,200,000 MT, soybeans 275,000-550,000 MT, meal 200,000-500,000 MT, and soyoil 0-20,000 MT. Last week sales for wheat were 78,459 MT, corn 742,177 MT, soybeans 265,733 MT, meal 300,445 MT, and soyoil 9,114 MT. Estimates for 2024/25 export sales: wheat 200,000-650,000 MT, corn 250,000-450,000 MT, soybeans 0-200,000 MT, meal 0-50,000 MT, soyoil 0-10,000 MT. Last week sales for wheat were 304,321 MT, corn 128,238 MT, soybeans 25,160 MT, meal 31,110 MT, and soyoil 962 MT. Field work remains variable by state and region with much of Iowa, Minnesota, and Wisconsin seeing heavy rain last night. Forecasts for the next 7-days paints a wet picture for a majority of the corn acres in the US. Final insurance planting dates for corn are approaching with the first round on May 25th, then May 31st, and ...
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