Ten HOT Nuggets
1 | One notable change
Panama Canal transits are up year-over-year for the first time since the fall of 2023.
Stay tuned as I arrive in Panama today on the start of a five day AgVenture with 14 new friends!
2| Wowzers
Incredible to see geopolitics (aka Houthi rebels creating issues in the Red Sea) having such a tremendous impact on global shipping:
3 | This trend is your friend
Incredible progression of USDA’s 2024 corn and soybean yields (keep in mind May-Jul yields are trend with “real” yield estimates beginning in Aug each year).
January’s 179.3bpa final corn yield marks the second reduction in a row for corn, down 4.5bpa (2.4%) total from October's 183.8bpa print.
Soybeans have seen reductions the last three reports, falling 2.5bpa (4.7%) from the high water mark - a would-be record 53.2bpa in September.
4 | Relationship woes
Corn stocks-to-use near 10% has long been associated with $5+ prices:
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