Wednesday October 2, 2024

• Markets starting off mixed this morning. Overnight trade volume was very strong.
  • Wheat is leading the way on both production and geopolitical concerns in the Black Sea.
  • Soybeans are lower this morning, but are trying to inch their way back up.
  • Corn is riding wheats coat-tails after a bullish USDA sept stocks figure
• There was a flash sale of 195k tonnes of corn to unknown for 24/25 delivery and a sale of 120k tonnes of beans to unknown for 24/25 delivery.
• White house officials have learned that the Iran backed missile attack on Israel was imminent. Media sources have confirmed that the attack had taken place targeting 10 million Israeli civilians. There has been no known causalities reported following the attack.
  • The wheat market had the biggest reaction to the news with wheat futures breaking past the $6 mark for the first time since July. 
• Yesterday the December 24 corn contract broke through and closed above the100 day moving average for the first time since mid June.
  • It seems like corn was just being dragged up along with wheat or it could be follow through support from Mondays stock report.
• StoneX raised its estimates for this seasons corn and soybean crops. The firm is estimating the US corn yield will reach 184bpa up from the previous estimate of 182.9bpa. They also raised their soybean yield estimate from 53bpa to 53.5bpa. 
• Brazil rains are now being pulled into the 6-10 day forecast, this is raising hopes (not everyone’s hopes) that Brazil will produce a 165+ mmt bean crop.