TFM Midday Update 08-23-2024

CORN

Corn is trading near unchanged at midday in quiet trade which has been rangebound throughout the week. At this point, December corn is set to gain 3 cents on the week and is 5 ½ cents off its contract low. Since Monday, funds are estimated to have bought back 1,000 contracts of corn.
So far on the Pro Farmer crop tour, yield projections have come in slightly below the USDA’s estimates. In South Dakota, they estimated yields of 156.5 bpa, 183.3 in Ohio, 173.3 in Nebraska, 187.5 in Indiana, and 204.1 in Illinois. Yesterday afternoon, yields for Iowa were revealed at 192.79, and yields for Minnesota came in at 164.90 bpa.
Yesterday the USDA reported private export sales totaling 110,490 metric tons of corn for delivery to Mexico for the 24/25 marketing year and a sale of 132,000 mt of corn for delivery to unknown destinations for the 24/25 marketing year.

Soybeans are trading higher today in a reversal from yesterday’s selloff and have regained half of those losses in the November contract. For the week, November is set to gain 15 ½ cents, and funds are estimated to have bought back 4,000 contracts of soybeans since Monday. Both soybean meal and oil are trading higher.
The crop tour has found solid soybean yield potential so far with pod counts in Iowa at 1,312.3 pods in a 3 by 3-foot square which compares to the 3-year average of 1,194.2. In Minnesota, counts of 1,036.6 were found which compares to the 3-year average of 1,037.7.
This morning the USDA reported another round of private soybean export sales totaling 120,000 metric tons for delivery to unknown destinations during the 24/25 marketing year.

All three wheat classes are trading lower today with Kansas City and Minneapolis leading the way down, with all three making new contract lows yesterday in the December contracts. US wheat futures have followed Paris milling wheat, which also made contract lows yesterday but rebounded slightly today.
Yesterday’s weekly Export Sales report showed an increase of 18.1 million bushels in wheat export sales for 24/25 with the top buyer being the Philippines with 116,000 metric tons. Following that was Mexico at 110,500 mt and Vietnam with 85.000 mt.
Overnight, Tunisia bought 75,000 metric tons of wheat from the Black Sea and Russia, while Japan bought 82,000 mt of wheat from the US and Canada.

Amanda Brill