Wednesday August 21, 2024

• Markets are mixed this morning, corn and soybeans are flat, still trying to crawl back from their lows as the weaker US dollar aids export interest into new marketing year.  Wheat is lower this morning.
• Flash Sales
  • 132k tonnes of soybeans sold to China for 24/25 delivery
  • 239.5k tonnes of soybeans sold to Mexico for 24/25 delivery
• France, EU’s largest wheat producer, is sitting at 98% complete
  • This has been their worst harvest since the 80’s
  • The French Agriculture ministry forecasts a 27% decline from the 5 year average in soft wheat production this crop year.
• The US Dollar fell to its lowest level since the beginning of the year on Tuesday
  • Decline is due to investors anticipating a rate cut from the Federal Reserve next month
  • China stays active seeking US soybeans
• The Pro Farmer tour finds strong yields, crop tour corn data vs USDA in figure below
• CZ4 corn futures seem to be content at the $4/bu mark but can they rise above the 20 moving average of 4.02?
• Russia leads the way for world wheat exports, followed by the EU.  Most of the world’s wheat is harvested in August, see illustration below on world wheat.