Wednesday September 4, 2024

Corn and bean rallies slow, wheat values rise on EU issues
- December Wheat and Corn futures both settled above the 50 day moving average yesterday
Crop progress results were mixed yesterday afternoon but overall the crops are still in solid shape, even after the record breaking heat wave
- The national soybean conditions ratings dropped two points this week to 65% good/excellent. This crop is tied with 2020 as the best rated crop to start out September (See the chart below)
- The corn crop was rated 65% G/E nationally as of Sunday, steady with the prior week and exceeding the trade’s expectations of 64%
- US spring wheat harvest is progressing, sitting at 70% complete (average)
Export inspections – only two days of reporting left in the 23/24 crop year
- Corn shipments were strong last week, +5.2% from the previous week
- Soybean shipments were at the upper end of expectations +18% from the prior week
- Wheat shipments +5.2% from the previous week
China plans to launch an antidumping investigation into Canadian Canola imports
- This comes after Canada announced a 100% tariff on Chinese EVS and 25% tariff on imported steel and aluminum from China
- China is the world top importer of Canola, 90% of their imports came from Canada last year
- Canola ICE futures dropped their daily limit of $45/mt on Tuesday, the biggest loss since Aug’22
Drought in Brazil have farmers facing challenges with planting
- Early soybean planting begins in September and there is no rain in the forecast for the next 10 days
Ample weekend rainfall in Argentina is expected to benefit corn planting
US oil prices plunged yesterday. WTI crude down 4.4% to 70.34 per barrel, lowest since December