Friday August 16, 2024

• Corn, soybeans and wheat are all in the red this morning, testing lows ahead of the “Pro” Farmer crop tour next week.  The trade is assuming a week of bearish news there.
• Beneficial rain in the forecast continues to aid U.S corn and soybean crops
• Lower crude and demand concerns weighing on the soybean complex
• Export Sales
  • New crop soybean export sales exceeded trade expectations this week but remains the second-slowest pace since 2007, see figure below.  China is the top buyer for NC beans
  • Old crop soybean sales were within the estimated range
  • Old crop corn export sales came in below expectations.  New crop corn export sales were at the very top end of estimates.  Mexico remains the largest buyer of US corn
• July’s NOPA soybean crush came in at 182.9MBU.  This was above the average trade guess of 182.4MBU and up from 175.6MBU in June.  Values displayed below.
• International Grains council raised their 24/25 world corn production estimate by a million tonnes to 1.226 billion tonnes.
• Germany, the second largest wheat producer in Europe, reported that its wheat production will fall 18.76 MMT, down 12.8% from last year due to excessive rainfall, also harming crop quality
  • Russian spring wheat harvest is delayed from moisture