Monday's reports showed nothing out of the ordinary which seemed to be today's theme. The winter wheat futures markets saw hefty profit-taking pressure from the shorter-term futures traders to start the trading week, after markets hit 2-month highs before the weekend. An absence of activity led to sellers finding their way back in today.
Today's NOPA crush numbers for August showed only 158.008 mln bu of soybeans crushed which was below all trade estimates (avg = 171.325m) and the lowest since Sep 2021; lowest Aug since 2017. August crush was expected to be tempered by widespread scheduled maintenance to processing plants, but perhaps that downtime was longer/even more widespread than expected.
This morning private exporters reported sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2024/2025 marketing year.
Today's export inspections showed that wheat export inspections continued at respectable levels last week, though corn exports were somewhat light and soybeans were okay. Two weeks into the new corn marketing year, total inspections match the seasonal pace needed to hit USDA's target when including a good week and this week's poor showing. Two weeks into the new soybean marketing year, year to date inspections fall short of the seasonal pace needed to hit USDA's target by 14 million bushels, doubling the previous week's deficit. We need many more flash sales to close this gap. Marketing year to date wheat export inspections exceed the seasonal pace needed to hit USDA's target by 10 million bushels, up from 9 million bushels the prior week.
This afternoons crop progress and conditions report showed that the early harvest stages of U.S. corn and soybeans are ahead of the five-year average paces. Same goes for winter wheat planting, which is 14% complete. Corn that was behind on development in the northern Corn Belt gained some ground after a warm week. The flow of anecdotal yield reports indicates the USDA’s estimate is in the vicinity of the US’s actual national yield.
Weather reports are confirming that Brazil’s overt dryness in 70% of the corn crop will continue for at least another 10 days. Planting progress remains extremely slow, with only 4% of the first crop planted vs. 14% LY. This is the slowest pace since before 2018. Some rains will pass through the lower producer districts in the next 7 days, which account for 40% of total 1st corn production.
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Wanstead Farmers Co-operative | 5322 Wanstead Road | Wyoming, ON N0N 1T0 CA
