Wednesday October 9, 2024

• Markets are mixed this morning
• Soybeans seem to be suffering from harvest pressure as futures fell sharply yesterday. The Nov24 contract lost 18 cents per bushel.
  • Bean harvest in the US was nearly 50% complete as of Sunday which is well ahead of the 5 year average.
  • Beans saw an 80 cent rally since the middle of last month but quickly lost half those gains over 6 trading sessions
• Tuesday morning the USDA announced a flash sale of 166k mt of soybeans to China
• With Brazils wet season resuming next week we will turn our focus to November, December and January as these months will be more important with regard to the market and Brazilian weather.
• The USDA report comes out Friday at noon. Trade estimates believe the corn carryout will tighten from last month. Bean and wheat carryout numbers are excepted to be nearly unchanged. The average estimates for corn and bean yields show slight declines for both. (See chart below)