Monday August 26, 2024

• Corn, beans, and wheat all slightly trading in the red this morning. 
• Managed Money funds hold a large net short position across the grain complex.
  • Corn was net sellers of 4k contracts as of last Tuesday currently sitting historically large in a net short position of 257k contracts.
  •  Beans were net sellers 13k contracts, net short 168k contracts, also historically large.
  • Wheat was net sellers of 21k contracts week ending last Tuesday, position sitting net short at 50k contracts which is modest.  
• ProFarmer has released their final yields numbers from last week. They pegged the US average corn yield at 181.1bu/ac compared to the USDA’s most recent estimate of 183.1bu.ac. US soybean average yield pegged at 54.9bu/ac higher than the USDA’s estimate of 53.2bu/ac. (See images below)
• Railway workers were to start back to work this morning after the Federal Labour board ruled for them to do so on Saturday. 
• Tensions rose over the weekend as Israel sent 100 warplanes across Lebanon to take out Hezbollah missile launchers in pre-emptive strike and Russia sending waves of drones and guided bombs against Ukraine. The news pushed gold/crude oil values upwards but has yet to impact the world food prices.