TFM Midday Update 10-10-2024

CORN

  • Corn continues to trade lower at midday ahead of tomorrow’s WASDE report.
  • Weekly export sales for corn came in at 48 mb which was in line with expectations. Year-to-date commitments are up 15% from last year at 695 mb.
  • Ethanol production for the week ending October 4 was up 2.3% from a week ago at 1.038 mb. Ethanol stocks came in at the lowest level since December 2023 at 22.154 mb.
  • Dry conditions over the next 10 days across the Corn Belt will keep harvest advancing quickly.

SOYBEANS

  • Soybeans remain weaker at midday on increasing chances of rainfall in Brazil.
  • Weekly export sales for soybeans came in at 47 mb which was in line with expectations. Year-to-date commitments are up 4% from last year at 740 mb.
  • There continues to be chatter that China is buying soybeans from both the US and Brazil despite economy concerns.
  • The Brazilian President announced a new plan yesterday to increase soybean oil usage in biodiesel production over the next 5 years. The goal is to bring the blend percentage from 15% to 20% by 2030.

WHEAT

  • The wheat complex continues to stay elevated at midday on dry conditions in growing areas of Russia and Ukraine.
  • Weekly export sales for wheat came in at 16 mb which was in line with expectations. Year-to-date commitments are up 19% from last year at 443 mb.
  • Rosario Grain Exchange lowered their production estimate for Argentine wheat by 1 mmt to 19.5 mmt.
  • Russia continues to attack Ukraine’s port infrastructure in the Odessa region which is helping to support the wheat complex.

Author

John Heinberg

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