Tuesday August 20, 2024

Corn is trading slightly lower, while soybeans and wheat are trying to stay in green.
Monday morning flash sales: China bought 332,000mt of 2024/2025 soybeans and 110,000mt of soybeans were sold to unknown destination for 2024/2025 delivery as well.
The Pro farmer yield tour kicked off yesterday in parts of South Dakota and Western Ohio. Ohio’s corn yield was pegged at 183.29 which was 0.7bu/ac smaller than last year and smaller than the current USDA projection in Ohio and the bean pod count was also slightly smaller than last year in Ohio. South Dakota’s corn results were also slightly smaller than last year.
The USDA exports inspections for corn and soybeans were both within range of expectations. Corn is sitting 1% behind expectations and beans are sitting 1% ahead of expectations.
USDA crop progress report rated corn at 67% g/e and beans are 68%g/e, in line with last week. Wheat harvest is 96% complete. Spring wheat harvest is behind average at 31% harvested vs the average of 36%, the crop was rated 73% good/excellent.
Egypt is still looking to reach there goal to import 3.8mmt of wheat by the end of this calendar year, they have still only bought 280kmt.
The Canadian rail workers have not came to a deal yet and will begin a strike on Thursday for the first time in History unless they come to an agreement with CN and CP railways. If a solution does not come by Thursday, estimate losses could be up to a billion dollars Canadian each day. A meeting will be held today in Montreal and tomorrow in Montreal.
China has reported that July bean imports from the U.S at 475k tonnes, up from 142k last year, with July imports from Brazil down slightly. Overall Jan to Jul shipments from Brazil are up 12% year over year to 43.55mmt, with US imports down 25% to 12.63mmt.
An expected La Nina weather pattern this fall. Patterns of dryness are already affecting wheat production in Argentina, if dryness continues corn production in Argentina and South Brazil could be affected through October to December. A La Nina weather pattern brings dry weather to Argentina and Southern Brazil, but will provide good growing conditions for Australian wheat.