3.28.24 Tredas Weekly Recap

Weekly Action:

Corn May24 up 3c at $4.42 ($4.08 Feb26 low)

Beans May24 unch at $11.92 (11.29 Feb26 low)

KC Wheat May24 down 6c at $5.87 (5.51 March5 low)

Hogs April24 up 2.150 at $86.725

Fats April24 down 2.375 at $185.225

Feeders April24 down 4.675 at $247.200

Corn Dec24 up 2c at $4.77 (4.46 feb26 low)

Beans Nov24 unch at $11.87 (11.25 feb26 low)

KC Wheat Jul24 down 6c at $5.81 (5.43 March5 low)

Market Recap: (Markets will be closed tomorrow, Good Friday, March 29th )

 USDA March Seedings report was bullish Corn and neutral for Wheat and Soybeans relative to expectations. Overall total US farmed acres fell 4.9 mil acres from last year when looking at Prospective Plantings report in total. State by state Corn/Soybean % change from previous year below.

Forecast total US Corn acres at 90.0mil acres, down 4.6mil acres from last year. Assuming a record 181 yield, the total US corn crop would be just shy of 15bil bushels of production at 14.8bil bushels. Assuming 91% of planted acres are harvested, 90.0 x .91 = 81.9 x 181 = 14.8bil bushels. This would be down 180mil bu from the Outlook Forum estimate of February.

US Soybean seedings at 86.5mil bu were right at the trade estimate. Assuming a yield of 52, that would put US soy crop at 4,453 mil bushels, which would be down 50mil bu from the Outlook Forum.

Weather:

Economy:

 The collapse of the Francis Scott Key Bridge, a vital passage for thousands of trucks per day, will do "significant" economic damage not only to the region but the entire country, industry experts and Gov. Wes Moore warned. Vessel traffic into and out of the Port of Baltimore has been closed until further notice as recovery and cleanup efforts are underway. That port, according to several reports, contributes to about $15 million in economic activity every day. "We are talking about a port that's responsible for over 51 million tons of foreign cargo. That's the largest in the country," Moore said.

The port is the busiest in the U.S. for car shipments, handling more than 750,000 vehicles in 2023, according to data from the Maryland Port Administration. It is also the largest U.S. port by volume for handling farm and construction machinery, as well as agricultural products. It handled a record amount of cargo last year, making it the 20th biggest port in the nation ranked by total tons, according to the Bureau of Transportation Statistics.

On another note, homebuying costs are growing twice as fast as incomes, per Redfin…

Something That Probably Means Nothing:

Trader Joe's has increased the price of bananas for the first time in more than two decades — the price is now 23 cents a piece up from the 19-cent price set in place in the early 2000s, per Axios.

Quote of the Week:

"Easter is the only time when it’s perfectly safe to put all of your eggs in one basket."