TFM Midday Update 10-31-2024

CORN

  • Corn reverses higher at midday after a sluggish opening thanks to strong weekly export sales. December corn trades just above the 50-day moving average at 411.
  • Weekly corn export sales came in at 92 million bushels, which was in line with expectations. Year-to-date commitments are at 1.017 bb and 41% higher than a year ago.
  • SovEcon slightly raised their Russian corn export number from 2.2 million metric tons to 2.4 mmt.
  • Daily ethanol production for the week ending October 25 averaged 1.082, which was 2.9% better than the same week last year.

SOYBEANS

  • Soybeans remain higher at midday on strong export sales announcements and US harvest nearing the finish line.
  • Weekly soybean export sales came in at a new marketing year high of 84 million bushels. Year-to-date commitments total 965 mb, which is 13% higher than a year ago.
  • Conab estimates soybean acres in Brazil to be 2.8% larger than previously reported.
  • Weather in South America remains favorable for their crop production which could limit upside momentum.

WHEAT

  • All three wheat contracts continue to trade lower at midday on overnight rainfall and increased chances of precipitation for the Plains states over the weekend.
  • Weekly wheat export sales came in at 15 million bushels, in line with expectations. Year-to-date commitments total 496 mb, which is 19% better than a year ago.
  • SovEcon lowered their Russian wheat export estimate from 47.2 million metric tons to 45.5 mmt.
  • Conab has said that Brazilian wheat harvest is 56% complete.

Author

Tanner Wilson

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