Tuesday August 13, 2024

• Soybeans continue to forage new lows, following a massive USDA production and carryout numbers, corn and wheat are also in the red this morning.
• Flash Sales
  • 165K MT of Corn to unknown for 24/25
  • 300K MT of Soybeans to unknown – 100K for 23/24 delivery and 200K for 24/25
• USDA projected record corn and soybean yields, see figure below
  • 560 million bushel bean carry out, well ahead of a previous outlook of 435 million bushels
  • Both planted and harvest soybean acreage increased sharply
  • USDA projects the 3rd largest US corn crop on record.  Planted acres were decreased but projected yields increased 
• Crop Condition Ratings:
  • Corn conditions were unchanged last week, 67% G/E, steady with the prior week, exceeding the trade expectation of 66% and was the best week since 2020
  • Soybean conditions reported at 68% G/E, unchanged from the previous week, the rating exceeding trade expectations of 67% and the best week since 2020
  • Spring wheat ratings fell two points this week to 72% G/E, still well ahead of last year and 5 year average
    • 18% harvested this week, slightly behind last year (20%)
• Export inspections
  • US corn shipments declined last week but remains strong
  • Wheat shipments exceeded pre report expectations
• Crude oil prices jumped on Monday, with tensions in the Middle East