Monday October 21, 2024

• Corn, beans, and wheat all trading in the green this morning. 
• Flash Sales
  • Exporters sold 21k tonnes of soybean oil to Mexico for 24/25 delivery
  • Exporters sold 4.9mbu of corn to unknown for 24/25 delivery 
  • Exporters sold 10.8mbu of beans to unknown for 24/25 delivery. 
• Export sales for the week ending 10/10 were within expectations for beans and wheat. Beans are lagging 7% behind last years pace, we are closely on pace with the 5-year average. Corn was slightly above estimates at 87.6mbu, sales are 1% above the needed pace to meet the USDA expectations. 
• Brazil’s AgRural reported 24/25 soybean planting at 18% complete, as of last Thursday, still behind the 30% last year. Brazil’s first crop corn planting is 48% complete, slightly ahead of last years 46% complete. 
• Rains mostly hung west of the Plains over the weekend as expected, and chances will be light across the belt this week. Brazil is seeing good rains over the weekend in central/ northern Brazil. 
• The CFTC released there weekly report, showing corn increased their net short position, this was the first time in two months that the funds have been net sellers of corn contracts.