Friday November 1, 2024

• Grains are all in the green this morning with soybeans leading the way.
  • Surging crude oil adding support, soybean oil driving beans and export sales are strong.
• Soybean oil hit a 3.5 month spot contract high this morning.
• Crude surging back over $70 on tighter US supplies and Global energy demand optimism.  See chart below.
• Export Sales:
  • Soybean sales were 6% higher than last week, reaching 84MBU.  Sales met trade expectations but soybeans sales continue to lag behind the overall pace needed to meet USDA estimates.
  • Despite this week’s decline, net corn sales remain strong at 92MBU.  This is down 35% from last week but up 7% from the 4 week average.
    • Are these front end loaded sales that will drop off?  Or can we keep this pace up.
  • Wheat sales met the trade guess at 15.1MBU and overall running 21.1MBU ahead of USDA target
• Flash Sales:
  • US exporters sold 150,000MT of soybean cake and meal to unknown for 24/25 delivery.