Thursday October 3, 2024
- Soybeans, corn and wheat are all in the red this morning.
- Wheat had a good rally yesterday surging above the $6/bu mark, on Russian/Black sea concerns.
- Volume pulled back sharply overnight with corn and wheat taking some profits off move high.
- US harvest is progressing well with the favorable weather. Harvest pace of corn and soybeans are ahead of average.
- Dry Brazilian weather posing a threat to their second corn crop. Precipitation is in the forecast for the Soybean growing areas by the middle part of next week.
- California Air Resource Board announced last night that they would not be limiting used cooking oil in biomass-based diesel, instead they confirmed the 20% limitation on soybean and canola oil. A bearish story for the beans this morning.
- Sovecon have lowered their Russian wheat export forecast from 48.1mmt to 47.6mmt. Russian wheat stocks are down 14% from the same time last year. Russian winter wheat areas have only seen 26% of their normal rainfall over the last 30 days.
- The US Plains joins the Black Sea and Australia in facing new weather threats as still zero rain is forecast throughout the next two weeks.