Friday September 13, 2024
- Wheat and corn are making gains this morning, following the report yesterday, soybeans are slightly down
- Black sea war tensions supporting wheat prices. A Russian missile hit a civilian ship in the Black Sea, transporting wheat bound for Egypt
- This comes after news broke overnight Wednesday that Russia was targeting Ukrainian rail hubs, leaving one city without running water or electricity
- Flash Sale of 5 million bushels of corn to unknown for delivery in the 24/25 marketing year
- Report highlights (see image below for more details)
- Most of the changes were made to the 23/24 balance sheet
- USDA increased ethanol usage and exports, tightening carryout by 55mbu
- Large soybean carryout value
- US corn yield numbers came in well above trade expectations at 183.6 bpa vs the 182.4 bpa trade guess. The majority felt that the corn yield figure would decrease not increase.
- Most of the changes were made to the 23/24 balance sheet
- US export sales:
- New crop US corn export sales were poor last week, falling below pre report expectations and down 63% compared to the prior week. Mexico was the largest buyer for the week
- Soybean sales were near the upper end of the expectations, China was the largest soybean buyer for the week.
- Net wheat sales were near the upper end of expectations and Taiwan was the laregest buyer for the week.
- Soil moisture in Brazil’s key soybean areas has fallen to its lowest point in three decades
