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Delayed Pricing for Corn, Beans & Wheat
Corn 4 cents / month Starting 9/5/2024
Beans 5 cents / month Starting 9/5/2024
Wheat 6 cents / month Starting 7/22/24
GRAIN REPORTS:
Click Here for the 2024 Agricultural Report Calendar.
Weekly Export Inspections: Monday (10:00 am)
Weekly Ethanol Production: Wednesday (9:30 am)
Weekly Export Sales: Thursday (7:30 am)
USDA Drought Monitor: Thursday (7:00 am)
MORNING COMMENTS:
Tuesday Oct. 29th, 2024
Corn +1
Corn futures are trading slightly higher this morning. December 24 futures are trading between its 10-day and 50 day moving averages. December 25 futures are close to reaching its 50-day moving average of 4.51’2. There is no fresh news to cause the market to rally. The PNW remains quiet, and CIF bids fell weaker along with barge freight. Water levels on the Mississippi River are expecting a boost with incoming rains during the next few weeks. US corn harvest progress was reported at 81% complete in yesterday’s Crop Progress Report. Brazil’s first corn crop is around 65% planted.
Beans +2
Bean futures are trading a few cents higher due to some support from bean oil. Tomorrow is the last day for November 24 futures. November 24 futures are trading below all its moving averages this morning. November 25 futures are close to its 10-day moving average 10.29’2. US export inspections were strong yesterday and following the seasonal trends. Dr. Cordonnier kept his Brazil bean production estimate steady at 165 MMT. His Argentina bean production estimate also held steady at his previous estimate of 57 MMT.
Spring Wheat +3
Winter Wheat +4
Wheat futures are trading higher in both markets this morning after yesterday’s crop progress report showed poor winter wheat conditions. Mpls and KC December 24 futures are trading below all their moving averages this morning. US planting pace was reported at 82% and right in line with its yearly average. The Southern Plains have been dry for the past few weeks, but hey are expected to receive some rain this week. Ukraine has planted 90% of their winter grains according to their Ag Ministry.
Hallie T
Harvest Progress Oct 28th
Corn 81% Complete
Soybeans 89% Complete
USDA Report Oct 11th
Yields
Corn 183.8 > 183.6 Sept
Beans 53.1 < 53.2 Sept
Carryouts
Corn 1,999 < 2,057 Sept
Beans 550 = 550 Sept
USDA Quarterly Grain Stocks
Corn 1,761 < 1.844 Est
Beans 342 < 351 Est
Wheat 1.986 > 1.973 Est
Production
Corn 15.341 < 15.290 Est
Beans 4.162 < 4.164 Est
September USDA Report 9/12/24
Yields
Corn 183.6 > 183.1 Aug Est = 182.4
Beans 53.2 = 53.2 Aug Est = 53.2
Ending Stocks
Corn 2057 > 2007 Est Aug = 2073
Beans 550 < 565 Est Aug = 560
Wheat 828 > 823 Est Aug = 828
World Ending Stocks
Corn 308.4 < 309.4 Est Aug = 310.17
Beans 134.6 > 133.86 Est Aug = 134.30
Wheat 257.2 > 255.31 Est Aug = 256.62
Pro Farmer Crop Tour
National Avg Yield
Corn 181.1 bu/acre < 183.1 USDA
Beans 54.9 bu/acre > 53.2 USDA
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