Friday November 15, 2024

Soybeans and Wheat are trading in the Green, and corn trading slightly in the red.
Yesterday, soybean and wheat futures continued to drift towards their respective August lows. January 24 Soybean futures lost 20 cents per bushels yesterday, a number of factors pushing down the price; a large Brazilian crop, unknowns between US/ China, and large world stocks.
Tightened Russian export quotas and higher floor prices for the 2025 crop are positive factors looking into 2025, though timely rains for US winter wheat and Australian wheat winter harvest in process are weighting on todays prices. Dec wheat futures are almost 50 cents lower then earlier this month.
US ethanol production last week was at a record high. Weekly output of 1.11 million barrels per day was the best for any week on record. Total demand continues to run ahead of last year’s pace.
CONAB a Brazilian crop agency made slight adjustments to its corn and soybean production estimates. Corn production was increased from 119.7 to 119.8mmt. Soybean production is estimated to reach 166.1mmt, up slightly from 166mmt.
Export sales did not blow anything out of the water this week. Corn sales came in at the lower end of estimates, soybean and wheat sales were in the mid range of estimates.
Rains moved out to the east yesterday and conditions remain dry through tomorrow. The plains are to see rains Sunday and into early next week. Brazil continues to see good rains in the north and coverage and amounts look strong through most of the country’s crop areas.