Tuesday October 22, 2024

• Soybeans, corn and wheat are all having a positive morning.  Strong flash sales today as well as a good export inspections report for corn and beans.
• Chinese banks cut lending rates by a quarter point to help support the struggling property market.  If economic growth continues to falter, the PBOC has said it may step in and reduce rates even further.
• US farmers continue to power through harvest.  NASS reported the week ending Sunday that soybeans are at 81% complete,compared to 67% on average.  Corn harvest is at 65% complete compared to the 52% average.
  • Winter wheat falling short of expectations at 73% planted, slightly behind the 76% average.  The crop is 46% emerged vs the 50% average.
• Flash Sales:
  • US Exporters sold 169,926mt of corn to Mexico for 24/25 delivery.
  • US Exporters sold 130,000mt of corn to South Korea for 24/25 delivery
  • US Exporters sold 198,192mt of corn to unknown for 24/25 delivery.
  • US Exporters sold 116,000mt of soybeans to unknown for 24/25 delivery.
  • US exporters sold 264,000mt of soybeans to unknown for 24/25 delivery.
• Corn and bean export inspections were within the range of expectations.
  • 39.4MBU of corn was inspected leaving the US 2% ahead of the pace needed to meet expectations.
  • 89.4MBU of beans were inspected leaving the US 1% ahead of the pace needed.