Tuesday December 3, 2024
- Corn is down slightly, beans and wheat are making small gains this morning.
- Soybean complex rebounds from lows on massive record domestic crush figures.
- Flash Sale: US exporters sold 134,000MT of soybeans to China for delivery during the 2024/25 marketing year.
- October USDA total soybean crush came in at a record 215.8MBU yesterday, above the 210.9MBU trade estimate and above the 186.5MBU posted in September.
- A favorable South American weather pattern for the next two weeks with better rain to return to Argentina in the 10-15 day period. Private groups continue to project a record Brazilian soybean crop.
- Prewinter Russian winter wheat crop ratings show 37% of the crop is rated poor, the highest in a decade.
- Southern Hemisphere 2024/25 wheat production is forecast to be up nearly 8MMT above last year which goes a long way towards filling the gap left by the 12MMT’s of curtailed wheat export quota from Russia.
- Excessive rainfall during wheat harvest in Australia has left some farmers unable to collect their crops.
- US Export inspections:
- Soybean shipments declined slightly last week but remain well above last year’s levels. 2.1MMT were inspected for export, this is down 1.4% from the previous week.
- Corn shipments were reported at 935,859MT, this is down 7.2% compared to the previous week.
- Wheat shipments reported at 296,106MT, down 19% from the previous week.
- The Brazilian real continues to weaken vs. the strong USD. This is keeping prices in Brazil firm, and Brazilian farmers active sellers despite lower CBOT prices. See chart below.