Wednesday November 13, 2024

Markets are sitting in the red. U.S winter wheat conditions continue to improve and soy demand is in question.
US Crop Progress. The US corn crop was 95% harvested through Sunday, compared to the average of 84% harvested, though trade was expecting harvest to be 95% complete. The soybean crop is 96% harvested compared to 91% on average, and the US winter wheat crop was rated 44% good to excellent through Sunday, compared to 45% on average.
The export inspections report showed corn, beans, and wheat inspections all within range of estimates. This leaves corn and bean inspection roughly 3% ahead of the needed pace to meet the USDA total expectations, and wheat roughly 1% ahead of the pace needed.
Russia has included grain production data from Ukrainian territories under its control in its 2024 forecast. Russia currently controls about 18% of Ukrainian territory. Russia harvested 148mmt of grain last year, with 4% of the total originating from annexed Ukrainian territories.
The Canadian federal government is putting an end to the labour strike impacting ports in Montreal and on the west coast, they are calling for arbitration.