Friday September 27, 2024

• The markets are split this morning corn and beans trading in the green while wheat is hanging in the red.
• Soybean futures posted fresh highs yesterday prior to a lower close. 
• Wheat lower after a weak export sales report.
• Ukraine reported their grain harvest at 71.5% complete, or 34.3mmt. Grain exports since July 1 stand at 10.05mmt, up from 6.3mmt last year. 
• Russian wheat crop estimates have been cut. Russia’s IKAR agricultural consultancy reduced estimates to 81.8mmt, down from 82.2mmt. Reductions to the wheat crop are due to excessive rainfall across the eastern regions, more cuts potentially to come as Sovecon announced that the winter wheat planting has dropped. 
• China will be out for their Golden Week holiday from October 1-7th.
• 2024/25 soybean export sales declined slightly week-over-week to 57.9 million bushels.  This is ahead of the comparable number for last year.  See chart below for a better visual.
• Drought conditions worsen for the eastern corn belt with varying conditions across the Midwest. Some moisture to be seen has remnants of Hurricane Helene is to be projected.
  • US Areas Experiencing Drought
    • Corn 25%
    • Soybeans 30%
    • Winter Wheat 50%
    • Spring Wheat 18%