TFM Midday Update 10-15-2024

CORN

  • Weakness in corn is driven by a sharp selloff in crude oil. December corn now trades under the 50-day moving average for the first time since September 23.
  • Conab estimates Brazilian corn production at 119.7 mmt versus the USDA at 127 mmt.
  • Corn shipments into Mexico will be temporarily delayed due to a train derailment at the US/Mexico border.

SOYBEANS

  • Soybeans continue to trade lower at midday on improving weather in South America.
  • NOPA crush is expected slightly above 170 mb in September compared to 165.5 mb last year and 158 mb in August.
  • Conab estimates Brazilian soybean production at 166 mt for the 24/25 crop.

WHEAT

  • The wheat complex is weaker at midday on a stronger dollar and chances of rainfall in the US Plains over the next 6-10 days.
  • Conab estimates Brazilian wheat production at 8.26 mmt which was unchanged from last month.
  • The French Ag Ministry estimates that wheat production is down 27.6% from last year at 25.4 mmt.

Author

Tanner Wilson

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