Monday August 12, 2024

• Corn and soybean futures posted fresh lows overnight. Corn, beans, and wheat all trading in the red as we start the day. 
• Fridays Flash sales
  • 132,000mt of soybeans to China during the 24/25 marketing year. 
  • 100,000mt of soymeal meal to Colombia
  • 212,000mt of soybeans sold to unknown destinations 
• As a reminder the WASDE August report will be released at 12pm today. Trade will be watching for any increases to yield and the US carryout. Traders are expecting to see yield go up as weather has been mostly favourable and crop conditions are strong. 
• Some flooding damage in NW Lowa, SW Minnesota, and SE South Dakota, 70,000 acres of corn and 46,000 acres of beans were damaged, not enough to impact the balance sheet. 
• China’s Ag Ministry raised their soybean import estimates for 23/24 from 96.1 to 98.37mmt, domestic crush up 350k tonnes to 96.15mmt. 
• Ukraine grain traders reported July food exports at 4.2mmt, double the same month last year due to gains in the Black Sea area.