Thursday October 24, 2024

• Soybeans and corn are higher this morning on recent export demand and a favorable export sales report.  Wheat is down slightly.
• December corn has popped through chart resistance, November soybeans are trading above the $10/bu.
• Export Sales Report (illustrated below):
  • Recent US corn export sales are ahead of pace as importers lock up supply and take advantage of the early harvest.
  • US export sales are steady but still behind pace to meet USDA forecast and window for US to take advantage of export demand will close come February. 
• Flash Sales:
  • Exporters sold 130,000MT of soybeans to China for 24/25 delivery
  • Exporters sold 100,000MT of corn to unknown for 24/25 delivery
  • Exporters sold 259,000MT of soybeans to unknown for 24/25 delivery
• Russia has proposed establishing a BRICS (Brazil, Russia, India, China and South Africa) grain exchange.
  • The exchange would protect trade against price volatility among the countries and with other nations in the Global South. 
  • The exchange could eventually be used to trade other commodities such as gas, metals and oil.
• US ethanol production surges to a two month high.  The second-highest level on record for this time of year last week.  Weekly output of 1.08mil barrels per day was up 3.7% on the week and 4.4% vs the same time last year.
• Argentina’s main farming areas received a much needed rainfall coming at a crucial time for the development of this seasons wheat crop