Monday September 9, 2024

Markets are mixed this morning with Wheat trading slightly in the red, Corn trading flat and Soybeans trading in the green.
Private Analysts Safras & Mercado have pegged Brazils 2024/25 corn crop at 133.6mmt, up from 125.6mmt last season, even with less acreage planted. A Reuters poll of ten market analysts showed an average estimate for 2024/25 Brazilian soybean harvest at 168mmt, up 14% from last season’s 147.4mmt.
As of last Tuesday the CFTC commitment of traders pegged funds short 187k contracts of corn, roughly 12k fewer than the trade expected. Funds were shorter in the bean market than the trade expected, funds were net buyers of 21k contracts. .
Export Sales: China was a featured buyer for the week ending 8/29, and Mexico was the top purchasers of corn again. YTD corn and bean exports are 98% of the 23/24 USDA target.
The US Friday’s job report missed the mark with just 142k jobs added last month vs. the expectation of 165k. The previous two months also saw downward revisions, helping show that the U.S economy is continuing to slow.
The September USDA’s Crop Production / S&D report will be released on Thursday, estimates for this report will be released over the next two days.