Friday July 5, 2024

• Wednesday morning flash sale of 110k mt of soybeans, sold to unknown destination for 23/24 and 24/25 delivery. 
• Brazils second crop corn is seeing impacts from drought. StoneX Brazil reduced the production estimates to 92.93 million tonnes, this is a 14.5% drop from last year, this has yet to impact CBOT corn pricing. 
• The November bean contract has made a nice correction higher this week after finding support at the $11 level, though still within last week’s trading range.
• French soft wheat condition ratings at 58% good/excellent this week, down two points from last week, with there harvest 1% done. 
• Heavy rains fell once again across the corn belt over the past 48 hours. Rains will be mostly seen in the northern belt and southern Midwest today. 
• Weekly fuel ethanol production rose to 1.064 million barrels per day, up from 4.043 mln barrels last week.
• Wheat exports were better than expected coming in at 805.3k tonnes. Corn exports for 23/24 below expectations with 24/25 corn within range. Soybeans export sales for 23/24 within expectations at and 24/25 just above estimates at 150.3k tonnes.(The photo below shows estimates vs actual export sales for the week ending 6/27/24 – image from StoneX)