Wednesday September 25, 2024

• Corn and Soybeans trading slightly in the red, while wheat is trying to hold on to its small gains. 
• China is trying to stimulate their economy as the People’s Bank of China announced a large stimulus package yesterday. This package will lower interest rates, pump more funds into the economy, and reduce home mortgage repayments. The Chinese stock market saw its largest spike in more than two years.  
• Grain workers went on Strike yesterday at Canada’s largest port. The grain workers union and the Vancouver Terminals are talking about worker benefits. Around 52% of all grain produced in Canada passed through these ports last year, this strike can prevent 100,000mt of grain to be delivered each day. 
• Along the east and gulf coast another 45,000 dock workers may soon go on strike. A contract between the International Longshoremen and US Maritime Alliance expires October 1. This strike could close 36 ports, these port handle over half the county’s goods transported by cargo ships.
• Anec’s a Brazilian exporting agency estimated Septembers exports at 5.82mmt, down slightly from 5.83mmt last week, corn up slightly and soymeal exports were down slightly. 
• The USDA Quarterly report will be released September 30th. Image below is the average trade estimate.