Wednesday September 18, 2024

• Soybeans lead the rebound as Brazilian forecasts remain dry, funds short overall.  Corn and wheat are making small gains this morning.
• The Federal Reserve is expected to cut rates for the first time since the pandemic.
  • Rates could be cut by 0.25% or possibly 0.5% this afternoon
• Drought is impacting wheat planting in Ukraine and Russia
  • USDA is estimating global wheat stockpiles to fall to a nine-year low this season
• Brazilian government crop supply agency Conab estimates 24/25 soybean production at 166.3MMT, up almost 13%, from last season.  This would be the largest soybean crop Brazil has ever produced.
  • The increase is based on a rise in planted soybean acres and better yields
  • Corn pegged at 11.9MMT, up 3.6% from last season
• France cuts soft wheat crop estimate by 27% below last years volume, making this one of the worst wheat harvests in 40 years