CORN
Prices were $.04-$.05 lower on the day and about a dime lower for the week. Weekly exports were disappointing yesterday which combined with the lack of announced sales this week and looming harvest pressure IMO supports the price pullback. Dec-24 corn violated its 50 day MA support, however held above $4.00. Healthy rains of 1-3” will stretch from the TX panhandle across the central Midwest and ECB over the next 5 days. Little to no rain for the SE and Delta along with the northern plains. Corn harvest will begin to wrap up in the deep south with short term delays across the nation’s midsection. EU based agricultural consulting group Coceral lowered their 2024 EU and UK corn production forecast 4.5 mmt to 60.3 mmt. After the close yesterday the BA Grain exchange kept their Argentine corn planting est. at 6.3 mil. HA, down 17% from YA with plantings 7% complete.
SOYBEANS
WHEAT
Prices turned mixed with KC and MGEX both closing within $.01 of unchanged while Chicago was up $.01-$.02. Inside trade for both Chicago and MGEX Dec-24 contracts. Dec-24 KC slipped to a 3 week low pressured by increased rains in the southern plains. KC Dec-24 closed at a $.04 ½ discount to Chicago, a 5 ½ month low. Coceral lowered their 2024 EU/UK wheat production forecast 8.5 mmt to 126 mmt, down 10% from YA. Ukraine’s Ag. Ministry cut their 2024/25 winter wheat acres 4.5% to 4.48 mil. HA. The Grain Industry Association of W. Australia cut wheat production for their region 7% from last month to 9.3 mmt while also citing further cut are likely without moisture relief in the next few weeks. S&P Global is forecasting 2024/25 US winter wheat acres at 32.5 mil. down nearly 1 mil. from YA and if realized would be the lowest in 5 years. They are also forecasting Spring wheat production at 563 mil. bu. up 19 mil. from the USDA estimate in August.
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