Monday September 16, 2024

• Corn, beans, and wheat all trading lower this morning. 
• Wheat Market Update
  • Wheat futures are now solidly above their 50-day moving average, and highs we haven’t seen in almost 3 months.
  • We continue to see headlines from the Black Sea as tensions continue to rise between Ukraine and Russia. Weather in various regions has been dry and beginning to cause crop concerns, dryness in the northern hemisphere would be leading to seeding concerns.
  • We are finally seeing numbers for a smaller European wheat crop, affecting global wheat prices.  
  • Argentina remains dry effecting their wheat crop. 
• Flash Sales of 100,000mt of soybeans sold to China for 24/25 delivery. 
• The CFTC report on Friday showed funds covering around 40k contracts, not as short as the trade expected and the soybean market has covered over 25k contracts. 
• Rains fell across the center-south of Brazil over the weekend, and will shift south, improving moisture before a 6-10 day dry forecast. Mato Grosso and surrounding northern states will continue to struggle under hot and dry conditions.