TFM Midday Update 10-22-2024

CORN

  • Corn is trading slightly higher at midday, pushing December corn above the 50-day moving average.
  • Monday’s Crop Progress report showed corn harvest in the US jumping 8% from last week to 65% complete.
  • USDA announced a sale of 359,500 mt of corn to Mexico for 24/25 which is adding to the support at midday.

SOYBEANS

  • Soybeans are strengthening at midday on some carryover support from yesterday’s export sales announcements.
  • Monday’s Crop Progress report showed soybean harvest in the US improving 14% from last week to 81% complete.
  • China cut interest rates yesterday which has led some to believe it could boost US exports.

WHEAT

  • All three wheat contracts are trading higher at midday on lower Russia production estimates.
  • Monday’s Crop Progress report showed winter wheat is now 73% planted, just below the 5-year average of 76% but up from 64% last week.
  • SovEcon estimates Russia production for 2025 at 80.1 mmt which is down from 83 mmt last year and would be the smallest crop since the 21/22 season.

Author

Tanner Wilson

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