Wednesday October 23, 2024

• Trade is mixed to lower this morning
• Beans are being supported by export sales.
  • Beans are stuck in a defined trading range, looks like we will need a fresh story to push out of this range.
• Corn is slightly down this morning and seems to have run into some chart resistance.
• US Soybean exporters are in a rush to ship products ahead of potential Trump presidency.
  • Traders are concerned that if Trump is elected China may enforce tariffs on US soybean imports.
  • Premiums for immediate soybean exports have climbed higher in the last 14 months as a result of low water levels in the Mississippi River and improved demand.
• There was a flash sale of 359,500 MT of corn to Mexico for 24/25
  • These daily flash sales are generally seasonal (see chart below) but have been providing some hope to the bulls, hopefully sales activity continues. Although it already looks like some importers have ditched US soybeans for January on and moved to Brazilian soybeans.
• Next years Russian wheat crop is expected to be comparable to this years production.
• US corn and soybean harvest should conclude quickly, the forecast remains dry for a large majority of the US corn belt.