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Today's shortened session resulted in decent trade ranges but only slight closes on the board. Low volumes and a risk-off attitude led to small changes in closing values despite good export data across the board.
Since last Friday, cash soybeans are up 20 cents, corn is down 12 cents, and wheat is up 1 cent. (Corn and wheat futures have rolled from Dec to March). Next week we will return to regular trading hours, however, the "holiday mode" shadow over the grain markets is expected from now until 2025 which tends to be more risk off.
This morning the USDA confirmed the following sales of U.S. soybeans for delivery to unknown destinations in 2024/25: 840,000 tonnes & 151,700 tonnes. That's a total of 36.4 million bushels.
Last week's export sales of U.S. soybeans were a marketing year high and topped the trade range of estimates for a 2nd consecutive week. The soybean buying was driven by demand for China, although that is expected to quickly dry up over the next 30 to 60 days as cheaper Brazilian new-crop supplies become available. Mexico was the leading corn buyer and the Philippines led in soymeal. Wheat sales continue to trend slightly above the seasonal pace needed to hit USDA's target for the year. Marketing year to date soybean export sales total 1.245 billion bushels, 110 million bushels or nearly 10% from the previous year's pace, and are now 40 million bushels above the seasonal pace needed to hit USDA's target for the year. Very few supplies are currently available from Brazil, leaving the United States as the primary supply currently. China basically emptied Brazil's shelves of exportable supplies, although that will change once the harvest begins in another 30 - 40 days. That will be the true test - to see how fast and how significantly demand for U.S. soybeans drops off. Marketing year corn export sales total 1.278 billion bushels, up 115 million bushels from the previous year's pace, and 258 million bushels above the seasonal pace needed to hit USDA's target, with the bulk of that surplus to "unknown destinations."
The Killer Bees Farmer Appreciation Night is Tonight in Alvinston! The first 50 fans will get a Wanstead Co-op toque! We hope to see you there!
Have a great weekend everyone!
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