Friday November 8, 2024

Corn and wheat trading in the green this morning, while beans are trading in the red after soybean oil futures help lead yesterdays gains.
A weaker Canadian dollar and firmer export bids are helping create a stronger soybean basis.
Reminder that the USDA WASDE report will be released at 12pm today, please see photo below for estimates.
Federal reserve cut interest rates by 25 basis points yesterday. The Fed reiterated that they are committed to their target inflation rate of 2%.
Weekly US corn sales exceeded expectations by 10+mbu, Mexico and Unknown being the main buyers. Soybeans sales came in at 74.9mbu with China purchasing 45mbu on the week, and wheat sales falling mid-range to estimates at 13.8mbu in sales.
Soybean oil sales came in at 114.3k mt, this was more than double what the trade was guessing, this was also the largest weekly figure seen in 10+ years, bean oil sales are now running 67% ahead of the needed pace. There are two charts below outlining corn and soybean oil exports.
Mississippi river levels have finally begun to rise, allowing for more exports out of the gulf, though they are not forecasted to remain high for long.
USDA baseline projections for 2025 have corn planted acreage at 92.0 million acres, up from 90.7mln acres in 2024, with soybeans acres down from 87.1mln acres this season to 85miln acres for 2025.