Thursday October 17, 2024

• The overall supply situation holds down feed grain rallies, Soybeans move to fresh lows.
• The November soybean contract hits a 7 1/2 week low.
  • Brazilian rains are here, US soybean harvest is ahead of pace and the yield estimates are at record levels.
• CBOT row crop open interest continued its dramatic expansion on Wednesday
  • Corn open interest up 25,913 contracts
  • Soybeans up 15,512 contracts
  • Wheat down 2,537 contracts
• Flash Sales: 
  • Exporters sold 63.9MBU of corn to Mexico- 41.1MBU for 24/25 delivery and 22.8MBU for 25/26 delivery
  • Exporters sold 13.1MBU of corn to unknown for 24/25 delivery
  • Exporters sold 6.4MBU of soybeans to unknown for 24/25 delivery
• China’s CSI real estate index fell nearly 8%.  Traders were hoping that China’s government would produce an additional economic stimulus.  
• The chart below showing a steady increase in Brazilian soybean acres and production in comparison to the US.