Friday August 23, 2024

• Corn and beans open slightly in the green and wheat opening in the red
• 4 new flash sales on the books for 24/25.
  • 198k tonnes of soybeans sold to China for 24/25 delivery
  • 105k tonnes of soybean meal sold to Vietnam for 24/25 delivery
  • 110.5k tonnes of corn sold to Mexico for 24/25 delivery
  • 132k tonnes of corn sold to Unknown for 24/25 delivery
• Old Crop export sales were nothing to talk about this week with corn sales at the bottom of estimates and beans posting a net cancelation from both China and ‘unknown’. Cancelations are not unknown at this time of year as the 23/24 marketing year is coming to an end. Wheat sales were at the top end of estimates with 18.1million bushels sold. 
• The Pro Farmer tours released results for Minnesota and Iowa yesterday. Corn in Minnesota was much lower than last year while beans were up. Iowa corn and bean counts were both higher. (See image below)
• The Canadian rail workers are back to work today, the government made moves to end the rail stoppage. The Labour Minister said he expects trains to be running again in days. 
• AgriMer of France have revised there 24/25 wheat forecast to 26.3mmt, the lowest since 1983. Germany wheat also lowing production from 21.5mmt to 19.7mmt. Higher production in Argentina, Australia, Canada, and the US have offset the losses. 
• The USDA’s weekly drought monitor was released yesterday, the corn belt saw little rain last week.
  • Corn and beans up 1% from last weeks numbers to 7% and 8% respectively 
  • Winter Wheat up 2% from last weeks number to 45% 
  • Spring wheat remaining at 21%