Grain Markets and Other Stuff
@grainmarketsandotherstuff·35K subscribers·1.5K videos
Do Traders Care About Planting Delays?? (Corn Prices)
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April 24, 2024
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Rain Returns to US Corn Belt: Rainfall is expected to return to the US Corn Belt on Thursday and Friday, with coverage extending across Iowa, Minnesota, Wisconsin, Illinois, Missouri, eastern South Dakota, and Nebraska. However, eastern areas like Indiana and Ohio will experience drier conditions. Increased rainfall may slow corn and soybean planting in affected areas. 🌧️🌽🌱
Improvement in Panama Canal Transit: Increased rainfall has led to improved transit through the Panama Canal, with average daily vessel crossings rising to 25 from 21 in late January. While still below pre-drought levels, the canal authority expects daily transits to reach 31 by mid-May and 32 by June. This uptick in vessel crossings will help alleviate global trade restrictions, with normal operations expected to resume by the end of this year or early next year. 🚢⛈️
Decline in Ukrainian Grain Output: Ukrainian grain output is forecasted to decline due to heavy rainfall delaying spring planting by 20% compared to last year. Reduced planted wheat acres have led to a projection of 19.9 million metric tons for Ukraine's wheat crop, down 11% from last year and significantly lower than the five-year average. The decline is attributed to farmers turning to more profitable crops amidst ongoing geopolitical tensions. 🇺🇦🌾
Russia's Response to US Military Aid: Russia plans to intensify its attacks on Ukraine in response to new US military aid, following the passage of a $61 billion foreign aid package by the US House. The aid includes economic and military support for Ukraine, with the US set to begin shipping battlefield and air defense support pending Senate approval. Russia has stated that Western-supplied weapons to Ukraine are valid targets, further escalating tensions. 🇷🇺🇺🇸💥
US Consideration of Sanctions Against Chinese Banks: The US is considering sanctions against Chinese banks that support Russia's military, amid concerns that Beijing has been supplying Russia with dual-use goods. These goods, such as plane parts and machines, could aid Russia in rebuilding its military capabilities. US sanctions would target banks facilitating transactions for such goods, potentially cutting them off from the global financial system and causing them to fail. 🇺🇸🇨🇳💰
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