Thursday November 21, 2024

• Corn and beans are seeing a little pressure this morning and wheat is flat.
• Flash US Sales:
  • 202,000MT Soybeans to China for 24/25 delivery
  • 226,200MT Soybeans to Unknown for 24/25 delivery
• There were 37 agreements signed yesterday between Brazil and China.  Most of them surround other farm and fish products, avoiding the key commodities.  China approves Brazilian sorghum for import was the headline agreement.
• Russia’s wheat production is slated to decline next year as farmers switch to more profitable crops like soybeans and sunflowers.
• Japan recently announced intentions to begin blending gasoline sold with ethanol.  The intention is to be at 10% blended by 2030 and 20% by 2040.
• Corn dominated trade volume overnight and export sales continue to run well above the pace needed to hit USDA projections, while ethanol production has been hovering near record levels for several weeks.  
• DOE total fuel ethanol production dropped off only slightly from last week’s record, from 1.113 to 1.110 million barrels per day.