Thursday October 31, 2024

• Market are mixed again this morning
  • Corn flat this morning with US harvest pressure but leading in trade volume overnight.
  • Soybeans rebounding on continued export sales. 
  • Wheat is weaker on continued harvest pressure from Australia.
• Ending stocks of Soybeans are expected to grow in 24/25 as Brazil production adds to the glut of supply.  See chart below for a better visual.
• Flash Sales
  • 132,000MT of Soybeans to China for 24/25 delivery
  • 132,000MT of Soybeans to Unknown for 24/25 delivery
  • 273,048MT of Corn to unknown for 24/25 delivery
• Chinese officials released statements yesterday that China and Russia plan to further their ties in the soybean industry.
  • China seems to be exploring any and all options to meet their domestic demands without help from the US. 
  • China is the world’s largest importer of beans and Russia is the 8th largest soybean producer.  
• Abnormal drought/dryness covering over 93% of the corn belt.  Precipitation falling heavy over parts of the Midwest in the last 24 hours, as expected. The forecast looks wet for the next 5 days for the majority of the corn belt.
• Rebound in demand this week for ethanol, tightening stocks by 452K barrels.  Total stocks are still higher than we saw a year ago.  Corn used for ethanol marketing YTD is estimated at 817 MBU, roughly 13 MBU below last years pace.