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Bullish
- USDA confirms the following U.S. export sales for delivery in 2024/25: 264,000 tonnes of soybeans to China (still lagging on commitments), 100,000 tonnes of corn to Colombia & 165,735 tonnes of corn to Mexico
- Less than half of France's wheat crop meets the typical protein levels used by key importers and only 1/4 meets average test weight levels. France's harvest will be the smallest since the 1980s after excessive rains this season.
Bearish
- Good rains across parts of Midwest. Heat remains in the east through Friday before weekend temps become more average, and then temps return to mostly below average into next week. The coming temp change, as well as precipitation forecasts (up to an inch) into next week, have been consistent between the models which raises confidence in their output.
- September liquidation has also been a downward force this week as first notice day approaches on Friday.
Neutral
- German wheat crop down solidly from last year - in line with previous private estimates
- Canada wheat crop estimate slightly lower than expected but up from last year (+4%)- last year's crop revised higher. Production of corn is down slightly from 2023 but soybeans are up.
- No new news about the Egypt super-tender to give the international community its base price for the next 6 months.
- Russian FOB values stayed steady.
- This morning's weekly ethanol production report for the week ending August 23rd showed production that was down from the week prior, while stocks were nearly unchanged from a week ago. Corn grind for the week was estimated at 106.7 mil bu's; this brings cumulative use for the year to roughly 5.390 bil bu's, compared to the USDA's marketing year forecast of 5.450 bil bu's. There is just one week to go in the marketing year.
Funds were thought to have been mixed today with corn and beans sellers and wheat a buyer.
Are you holding out hope for $5.25 harvest corn? Yes, we may get there this year... but for harvest 2025, we are still holding above that. Yes, I realize we are not talking $8, but it might be a good spot to start to get some sales done. We have seen how fast the price can drop. Food for thought.
Donview Grains
Wanstead is excited to announce that we are partnering with Donview Grains. Starting September 1, 2024, All bushels going through the Donview Grains elevator will be marketed by Wanstead Co-op. We are excited for this new growth with the Stewardson family, and look forward to serving a larger area of farmers! Check out the website for more information.
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