Wednesday August 14, 2024

Markets are in the green this morning and are trying to make a small recovery
Soybeans managed to carve out even fresher lows in the overnight market, the November contract has lost 77 cents in the last week
Tuesday morning there was a flash sale of 132k mt of soybeans to China and a 137k mt sale of corn to Mexico for 24/25 delivery
Wheat is still hanging out near lows as Russia and the Black Sea continue to dominate the export market
It is likely the Black Sea and Russia are filling Egypt’s large needs for wheat. Egypt only bought 1.8mmt in their international tender for 3.8mmt. It is speculated that the tender backfired as payment terms weren’t favorable for the sellers
US weather is being seen as favorable with cooler temperatures and “finishing rains” being forecasted. Corn continues to be weighed down by good conditions and the large expected yields