Monday November 4, 2024

• Corn, beans and wheat are in the green this morning, corn led volume and beans led gains in the overnight. Tensions are running high before the election. 
• Friday Flash Sales:
  • 132,000mt of Soybeans sold to China for 24/25 Delivery 
  • 781,322mt of Corn sold to Mexico, 715,800mt for 24/25 delivery and 65,532mt for 25/26 delivery
  • 198,000mt Soybeans sold to Unknown destinations for 25/25 delivery.
  • 30,000mt of Soybean Oil sold to India for 24/25 delivery. 
• AgRural pegged Brazils soybean planting at 54% complete as of Thursday, up 36% from the week prior. Stonex Brazil on Friday increased their 24/25 soybean production estimates from 165.03 to 166.20mmt. 
• Rains were heavier than expected over the weekend in the southern plains and the SW corn belt, with heavy rains ranging up into the heart of the Midwest, wet forecast to continue. 
• Weekend rain coverage and amounts were strong across Brazilian crop areas, continuing through the week.  
• CFTC: We continue to see managed money funds liquidate their corn short positions, in addition to adding new long positions.
  • Corn: Net buyers 52k contracts during the week ending last Tuesday. The net short of 36k contracts is modest historically. 
  • Soybeans: Net seller 4k contracts during the week ending last Tuesday. 
  • Wheat: Net sellers 1k contracts during the week ending last Tuesday