Thursday August 8, 2024

• Limited volume in the overnight markets. Corn trying to hold on to its small gain, while beans, and wheat fall into the red. 
• The August USDA report will be released on Monday the 12th at Noon, trade is not expecting many changes other than slight bumps in yield estimates. See image below for predictions. 
• Weekly ethanol stocks have steadied over the past serval weeks. Total production and demand are running ahead of last year’s pace and sitting above the 3 year average. 
• Consultancy Strategie Grain made a cut to EU soft wheat production estimates by 5.8mmt now sitting at 116.5mmt. EU corn production dropped 2mmt to 60mmt.
• Brazils exporting association Anecs reported Brazils soybean exports reaching 7.84mmt in Aug vs 7.57mmt in Aug of last year. Corn exports are seen at 6.29mmt vs 9.25mmt last year. 
• China imported 9.85mmt of beans in July, up just over 1 percent from last year, in the first 7 months of 2024, Chinese imports of soybeans were down 1.3% year over year.