Thursday August 1, 2024

Corn, soybean and wheat futures are starting off the month in the red
There was a flash sale of 104,572 tonnes of corn to unknown for 24/25 delivery
Corn futures for the December contract closed below $4.00 yesterday, this is a key physiological level as some begin to discuss farm profitability. The last time the December corn contract traded below $4 was November of 2020. (See chart on December corn futures below)
- There was a very tight trading range in the overnights with the contract only going as high as 1 cent over the close. This sets us up for a very bearish tone moving forward
Soybean futures hit new lows this week with the weight of fund selling and uncertain US demand
Worsening tensions in the Middle east had the crude market up on Wednesday
EU wheat harvest is still facing major issues, the French yields are down 25% and the quality is impacting export potential
- Russia and Ukraine’s export surplus won’t be as big as last year
Central and Northern China are receiving record flooding (see map below)
There was some heavy winds that may have damaged crops in eastern Nebraska and western Iowa late yesterday
US ethanol production was at a record high last week