Wednesday August 7, 2024

Soybeans are leading the way lower this morning with corn following suit. Wheat was trying to hold on to the small gains made yesterday but has fallen lower since market open
Excellent crop prospects in the US and more large exports from Brazil continue to weigh down on the market
- With such strong prospects we are going to need to see a bullish surprise on the demand side
Wheat was able to find support yesterday after seeing fresh demand news
Egypt is looking to take advantage of lower wheat prices. The country is looking to buy 3.8 mmt next week compared to its usual less than 1mmt. The purchase is a result of low global wheat prices
- Countries will submit their best offers before the August 12th deadline
US corn is competitive on the export market but the US is yet to see any major increase in new crop export sales. new crop corn sales are among the worst of the last 10 years even with low prices
New crop US soybean export sales are the 4th worst of the last 20 years