TFM Midday Update 11-7-2024

CORN

Corn futures are weaker at midday on improving South America production prospects.
Weekly export sales announcements for corn came in above expectations at 112 mb. Year-to-date commitments now total 1.040 bb, up 48% from a year ago.
South Dakota voters failed to pass a proposal to allow a carbon capture pipeline run through the state which will hamper the ethanol industry.
Algeria announced a tender for 240,000 mt of corn this morning.
Friday’s WASDE report is expected to show corn yields unchanged from last month at 183.8 bpa. Ending stocks are expected to be lowered slightly to 1,946 mb.

Soybeans are firmer at midday on strong export sales announcements.
Weekly export sales announcements for soybeans came in at 75 mb. Year-to-date commitments now total 1.040 bb, up 17% from a year ago.
Brazil’s October soybean exports were down 1.4 mmt from September to October at 4.71 mmt.
There is some chatter that China could be looking to shift soybean demand from US to Brazil.
Friday’s WASDE report is expected to show soybean yields being lowered from 53.1 bpa last month to 52.8 bpa.

Wheat is weaker at midday on rainfall in key growing parts of the US.
Weekly export sales announcements for wheat came in at 14 mb. Year-to-date commitments now total 510 mb, up 18% from a year ago.
London Stock Exchange Group has raised their Argentine wheat production number to 18.20 mmt.
Russia’s Prime Minister has lowered Russia’s total grain crop from 130 mmt to 128 mmt.
Friday’s WASDE report is expected to show US ending stocks slightly raised from 812 mb last month to 813 mb this month.

Tanner Wilson