Monday September 30, 2024

• Corn and beans trading slightly in the red, while wheat is holding in the green this morning. 
• November Soybean’s has gained almost 25 cents per bushels and posted its best close on Friday since July 25th. A combination of events helped pushed Fridays rally. 
• The USDA will release its quarterly Grain stocks report at 12pm today. Traders are estimating higher stocks and some expects say the USDA is to make small adjustments to their 2023 corn and soybean production estimates.
• European wheat crop slated to decline to a 12 year low. The European commission, estimated this seasons SRW crop at 114.6mmt a 9% drop from last year. Germany’s wheat crop outlook is also looking poor. Production decline is due to unfavorable growing conditions.
• The Vancouver grain workers strike came to an end last week with a tentative agreement, a ratification vote will take place on Friday. 
• The port Strike on the east coast and the Gulf of Mexico will begin tomorrow morning. This will be the first coast wide strike since 1977, affecting half of the nation’s ocean shipping, Biden does not plan to intervene and prevent walkout. 
• Hurricane remnants were extremely heavy over the weekend in the south eastern US, up into the SE corn belt, action moving into the far east. The Plains and the Midwest to remain dry. 
• Brazils planting progress is underway with 3% of soybeans planted vs last years 4.3%, most of the planting has taken place in southern Brazil which has seen the most rain. First crop corn is 28% planted vs 25% last year.