Thursday August 22, 2024

The market is in the red today with the prospect of massive 2024 US corn and soybean production
There was another flash sale of 121k tonnes of soybeans to unknown for 24/25 delivery
The weakening US dollar continues to spur export sales with the new marketing season nearing. Sales are still nowhere near the amount needed to put a dent in the massive supplies and carryout for the 2024/2025 crop year
Yesterday the Pro Farmer tour found excellent crop potential in Illinois. The states corn yield was estimated at a tour record of 204.2bpa up from last years 193.7bpa. Soybean pod counts are up 12% from last year with yields estimated at 66bpa
- Western Iowa’s yields were lower from last year for both soybeans and corn due to excessive rainfall
The Canadian rail shutdown began last night. Canada sends 75% of all exported goods to the United States by rail, including grains and fertilizer. The rail strike will lower western Canada prices, but might have little effect to futures or global prices
Corn acres in Argentina are expected to decline by 17% compared to last season
China corn imports were below the seasonal pace for the fifth month in a row
Some private marketing advisors are recommending to be 20-25% sold on new crop corn, if you aren’t at that coverage level it might be something to think about in-case we drop below $5.00/bu before harvest. They are also recommending 20% sold on Soybeans and 50% sold on Winter Wheat