Thursday September 19, 2024

• Wheat, Soybeans and Corn are all lower this morning
• Wheat continues to retreat from last week’s highs.  SovEcon’s bearish report was released.  The Russian Wheat crop forecasted at 82.9 MM, this is a 0.4% increase from the previous outlook. 
• Corn and soybeans are content trading range-bound as harvest kicks off
• Export sales for week ended Sept 12, 2024- see figure below for more specifics
  • Soybean export sales were higher than expected
  • Corn and Wheat export sales were inline with expectations
• Ukraine drone attack destroyed a Russian arms facility on Wednesday
• US Ethanol production was solid last week, 
• The Federal reserve cut rates by 0.5% yesterday afternoon in an attempt to prevent economic slowdown
  • Financial markets are signaling that the US central Bank will lower interest rates by 1.25-1.5% by the middle of 2025
• Overall consensus among forecasters seems to be that the dry weather pattern will shift and give some much needed moisture to Northern Brazil, by the middle of October