Friday July 19, 2024

• Wheat harvest is gearing up: moisture coming in around 16-19%, test weight 59-64lbs/bu and yields look promising
• Markets are recovering this morning Wheat leading the way,  from quality issues in Europe, export sales aiding the soy complex
• France and Germany are facing wheat quality issues resulting in possible imports of milling quality wheat
  • Light test weight, low protein, low yields
  • 14% of the crop is harvested
• Export Sales Report (see figure below):
  • Old crop corn slightly below expectations and new crop corn was slightly higher, Japan and Mexico were the largest corn buyers for the week
  • Soybeans are 4% behind the pace needed to meet USDA expectations, China was the largest buyer for the week
  • Wheat sales were near the upper end of expectations, South Korea the largest buyer
  • USDA reported a flash sale of 510K MT of soybeans sold to unknown for 24/25 delivery
  • Flash sale of 150K MT of soybean cake and meal to unknown for 24/25 delivery
• Global wheat and corn production forecasts have been revised higher in the latest International Grains Council (IGC) Grain market report released yesterday
  • Total grain production (including wheat and coarse grains) reported at 8 million tonnes higher than the June forecast at a record 2.321 billion tonnes
• US internet outages today could add to CBOT volatility