TFM Midday Update 10-24-2024

CORN

  • Strong export sales announcements led to bullish momentum at midday. December corn looks for a fourth day in a row of higher trading.
  • Weekly export sales for corn came in above expectations at 165 mb. Year-to-date commitments are now at 924 mb, which is up 34% from a year ago.
  • USDA announced private corn export sales this morning of 228k mt to Japan and 165k mt to unknown destinations for delivery in 24/25.
  • Ethanol production for the week ending October 18th came in at 1.081 mbpd, up 3.9% from a year ago.

SOYBEANS

  • Soybeans are mixed at midday after a positive start to the session. The November contract traded above the 50-day moving average for the first time in 10 days before running into resistance.
  • Weekly export sales for soybeans came in at 79 mb, which was in line with expectations. Year-to-date commitments now total 882 mb, which is up 8% from last year.
  • USDA announced private soybean export sales of 198k mt to unknown destinations for delivery in 24/25.
  • The USDA’s Brazilian attaché estimates Brazil’s soybean crop at 161 mmt.

WHEAT

  • All three wheat contracts are trending lower at midday on a strong dollar and potential rainfall in the Plains states.
  • Weekly export sales for wheat were in line with expectations at 20 mb. Year-to-date commitments total 481 mb, which is up 18% from a year ago.
  • The London Stock Exchange Group raised their Argentine wheat production estimate 2% to 17.5 mmt.
  • The USDA’s Australian attaché forecast Australia’s wheat production at 28.5 mmt. This would be down 1.9 mmt from the 10-year average.

Author

Tanner Wilson

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