6/12/2024 8:00 am

Report Day, 11 am today!!!

Corn is firmer this morning as weather maps still calling for a ridge and hotter/drier pattern for central Midwest in late June.

US monthly CPI data came out with a smaller increase than expected, which has the market looking for interest rate cuts sooner vs later. US dollar was slammed lower while US equities surge this morning.

USDA WASDE report out at 11 am CST with traders watching to see how much USDA trims old crop US carryout (bumps in ethanol/exports) and if they make further cuts in S. American corn production.

Corn harvest in Brazil running 13% in Parana vs 3.5% avg while Mato Grosso running 10% harvested vs 4% normal.

Hotter/drier weather to keep harvest there moving along ahead of normal. Market now waits for USDA data and updated weather maps.