Wednesday October 16, 2024

• Beans were trying to recover from their lows earlier this morning but have since backed off. Corn and Wheat are both trading on the upside.
• Export Flash Sales:
  • 131KMT of soybeans sold to China for 24/25 delivery
  • 120KMT of SRW to Mexico for 24/25 delivery
• NOPA Crush:
  • Yesterdays September soybean crush came in at whopping 177.3MBU, well above the 170.3MBU trade estimate.
  • The September crush is nearly 12MBU ahead of last year’s previous 165.5MBU record for the month.  This puts crush 7% ahead of last year through just one month.
• Export Inspections:
  • Beans exceeded the trade guess at 57.9MBU.  All beans last week were destined for China as the YTD pace is now 10MBU behind.
  • Corn fell below expectations with only 16.9MBU shipped on the week.  Mexico is still the largest buyer.  Corn is running 37.7MBU behind the USDA target.
  • Wheat shipments have moved firmly ahead of the pace needed with 13.6MBU exported on the week.
• US Crop Progress:
  • Corn harvest is at 47% complete which is 3% ahead of the pre-report estimate and 8% ahead of the 5 year average
  • Soybean harvest is pegged at 67% complete, also 3% ahead of estimates and 16% ahead of the 5 year average.
  • Winter wheat planting is sitting at 64%, slightly behind the 66% average.
• Brazil’s soybean crop is estimated to increase substantially this season, up 12.7% from last season despite the delay in seeding.