Wednesday August 28, 2024

• Grain markets are mixed this morning, corn and beans starting off in the red and wheat trying to hold a small gain. 
• Daily Flash Sales
  • 264,000mt of soybeans sold to China for delivery in 2024/2025
  • 100,000mt of Corn sold to Colombia and 165,735mt of corn sold to Mexico both for delivery in the 2024/2025 marketing year. 
• Hot and dry weather and managed funds couniting to hold onto there short position helped boost a small gain on grain prices yesterday. 
• China’s own COFCO expects Brazil’s 2024/25 soybean acres at 116.7million up from 113.7million acres in 2023/24. This would be Brazils smallest increase in acres in a decade. They are anticipating output increasing to a record 168mmt, up from 147.4mmt this past year. 
• Argentina is likely to plant more soybeans for the 2024/25 growing season, trimming corn acres after late harvested corn being hit with an insect overload and the rain forecast looking more suitable for soybeans.