Friday November 22, 2024

• Corn and beans are trading slightly in the green, while wheat is staying in the red.
• Flash US Sales:
  • 198,000MT Soybeans sold to China for 24/25 delivery
  • 135,000MT Soybeans sold to Unknown for 24/25 delivery
  • 133,000MT of Soybean Meal sold to the Philippines for 24/25 delivery. 
• Export sales were up week over week, meeting the estimate range at 58.8mbu, overall sales are running 265.1mbu (11%) ahead of the USDA target. Soybeans sales exceeded estimates at 68.4mbu, almost matching last years pace, sales are running 15.8mbu behind the needed pace. Wheat sales were also up w/w, at 20.2mbu, this is the largest sales week since July. 
• Chinese’s soybean imports were down 28+% during the month of October at 8.1mmt, this is the lowest month of imports since March. Most of the imports came from Brazil and Argentina with the U.S missing out on all October shipments. 
• Planting progress in both Brazil and Argentina has been robust, as they have had good moisture, leading to good chances that their high production estimates will be realized.
• Argentine soybean planting progress was reported 36% complete, up 16% on the week; corn planting rose just under 1 point week over week and remains just under 40% complete.