Friday August 30, 2024

• Grains are all in the green this morning, soybeans clawing back the gains made earlier this morning and from the overnight.  A much needed increase in US export business adding some support as well as the funds buying back positions.  The prospect for a massive US crop will put a limit on rallies.
• Grain Pricing Orders or Target Prices are a great way to capture these jumps in the market
• Soybeans pushed through the 20 day moving average yesterday and above the $10/bu mark overnight.  Slipping back under the 10/bu mark shortly after this morning’s open.
• Export Sales:
  • New Crop corn and bean export sales exceeded the high end of expectations but both are still overall behind the pace of last year’s sales
  • Old crop corn and bean exports were within the range of estimates, but very small.  The trade shifting its focus to new crop as the 2023 crop year comes to a close
  • 132MT of soybeans for delivery to China during the 24/25 marketing year
  • 100,000MT of soybean cake and meal for delivery to Colombia during the 24/25 marketing year
• Argentina shifts to soybean
  • The region saw a 30% reduction in their corn crop, largely due to leaf hoppers. 
  • It’s estimated that there will be a 17-30% decrease in corn acres and most of these acres switching into beans
• China is expected to harvest bumper corn and soybean crop
• USDA Crop report is just 8 trading sessions away