Monday October 28, 2024

• Corn, beans, and wheat all sitting in the red this morning. 
• Flash Sales
  • Exporters sold 116k tonnes of soybeans to China for 24/25 delivery
  • Exporters sold 136k tonnes of corn to Mexico for 24/25 delivery 
• Friday’s CFTC report showed funds had established new long positions (38k+) in the corn market as of last Tuesday, most of the fund movement we have seen in the grain space has been liquidation of existing short positions. Managed money continues to be net short in the corn market.
• Rains will return to the US corn belt midweek, widespread rainfall is likely during the 5-10 day forecast. 
• Argentina was mostly dry over the weekend but rains will fill in from west to east over the next 10 days. Brazil is seeing heavy rains across the northern growing region. 
• Crude oil futures traded sharply lower to begin the week, driving heavy overnight volume and losses in soybean oil, with the soy complex anchoring the proceedings through the morning. 
• SovEcon estimated Russian October grain exports at 5.4mmt, down from 5.8mmt in September, with wheat at 5.0mmt vs 5.1mmt in Sept.  
• The Rosario Grain Exchange expects 24/25 Argentine corn production at 13.3mmt, the second-highest on record behind 15.4mmt in 21/22.