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Posted on:
October 4, 2024

Markets are trading mixed overnight with wheat and corn under pressure while the beans recover a portion of their losses from Thursday.

Managed funds on Thursday were estimated as net sellers of 6k corn to push the net short out to 105k, net sellers of 6k beans to push the net short out to 58k, and net sellers of 4k wheat to push the net short out to 15k.

Egypt said they were working on plans to spend less on subsidized bread by adding corn or sorghum as ingredients. The plan is expected to be met with opposition from millers who argue bread quality would suffer.

The dockworker strike that halted imports and exports across the eastern and gulf coasts ended on Thursday evening.

French corn harvest was 2% complete, which was well behind average pace as wet weather has kept them out of the field. The five-year average is 26%.

Turkey is reportedly considering easing their wheat import ban as they deal with elevated prices.

APK Inform said conditions for winter grain sowing in Ukraine remained unfavorable due to dry conditions. 35% of winter crops have been planted with many growers waiting on rains to plant more.

The Buenos Aires grain exchange said current dry weather was likely to impede corn planting efforts in Argentina. They estimate the Argentine corn crop at 47mmt (USDA 51).

ADM said they would take seasonal down time at its Des Moines soybean processing plant from mid-Oct. through Nov.

Corn posted a lower low, lower high, and lower close on Thursday with the market pulling back further within the recent range overnight. The uptrend is in place with the market currently correcting from overbought. Support is at 4.20 with the next resistance area 4.41.

Beans posted a lower low, lower high, and lower close on Thursday with the market finishing at the bottom of the day’s range and near critical support at 10.40. The uptrend is still in place with the market correcting the overbought condition. Support is 10.30 and 10.40 with resistance 10.70 and 10.80.

Corn is seeing a correction within the recently established uptrend. The outlook for the next few weeks is little changed with harvest pressure expected to limit the upside while shrinking national yield ideas and strong demand are likely to spark buying on pull-backs. Producers should make sure any sales that have to be made at harvest are caught up. Longer term, the US balance sheets are tight enough where the market will be sensitive to any weather scares, which will likely provide good selling opportunities.

Beans are also correcting within their recent trading range as fund buying has cooled in both the beans and soymeal. Harvest pressure is an upside limiting factor and the longer-term fundamental outlook is very bearish on building global supplies. Make sure any sales that need to be made at harvest are caught up and consider using puts to protect any other bushels.

Corn down 3-4

Beans up 3-4

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Skip to Content
Posted on:
October 4, 2024

Markets are trading mixed overnight with wheat and corn under pressure while the beans recover a portion of their losses from Thursday.

Managed funds on Thursday were estimated as net sellers of 6k corn to push the net short out to 105k, net sellers of 6k beans to push the net short out to 58k, and net sellers of 4k wheat to push the net short out to 15k.

Egypt said they were working on plans to spend less on subsidized bread by adding corn or sorghum as ingredients. The plan is expected to be met with opposition from millers who argue bread quality would suffer.

The dockworker strike that halted imports and exports across the eastern and gulf coasts ended on Thursday evening.

French corn harvest was 2% complete, which was well behind average pace as wet weather has kept them out of the field. The five-year average is 26%.

Turkey is reportedly considering easing their wheat import ban as they deal with elevated prices.

APK Inform said conditions for winter grain sowing in Ukraine remained unfavorable due to dry conditions. 35% of winter crops have been planted with many growers waiting on rains to plant more.

The Buenos Aires grain exchange said current dry weather was likely to impede corn planting efforts in Argentina. They estimate the Argentine corn crop at 47mmt (USDA 51).

ADM said they would take seasonal down time at its Des Moines soybean processing plant from mid-Oct. through Nov.

Corn posted a lower low, lower high, and lower close on Thursday with the market pulling back further within the recent range overnight. The uptrend is in place with the market currently correcting from overbought. Support is at 4.20 with the next resistance area 4.41.

Beans posted a lower low, lower high, and lower close on Thursday with the market finishing at the bottom of the day’s range and near critical support at 10.40. The uptrend is still in place with the market correcting the overbought condition. Support is 10.30 and 10.40 with resistance 10.70 and 10.80.

Corn is seeing a correction within the recently established uptrend. The outlook for the next few weeks is little changed with harvest pressure expected to limit the upside while shrinking national yield ideas and strong demand are likely to spark buying on pull-backs. Producers should make sure any sales that have to be made at harvest are caught up. Longer term, the US balance sheets are tight enough where the market will be sensitive to any weather scares, which will likely provide good selling opportunities.

Beans are also correcting within their recent trading range as fund buying has cooled in both the beans and soymeal. Harvest pressure is an upside limiting factor and the longer-term fundamental outlook is very bearish on building global supplies. Make sure any sales that need to be made at harvest are caught up and consider using puts to protect any other bushels.

Corn down 3-4

Beans up 3-4

‍