Good morning,

Dryness in Brazil continues to be a concern as planting remains behind pace and rainfall is forecasted to be behind pace for another 3 weeks. Unlike US farmers, Brazilian farmers want rain during planting season. Argentina is sitting in a similar situation bet despite the rain deficit, Argentina’s crop is 11% planted and only 2% behind the average.

The USDA quarterly stocks report is out this morning, and traders look for both soybean and corn stocks to end up higher than USDA’s September S&D update, indicating a neutral to bearish undertone. My guess is that this report will come in bullish with strong use in both commodities the last couple months.

Check back in after 11:00 for today’s numbers.

Quarterly Grain Stocks (Billion bushels)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is unchanged and soybeans are up 2 to start this Friday.

It’s nice to see more upward momentum this morning, but traders most likely won’t move things much higher ahead of Mondays quarterly Stocks report.

Monday’s reports could easily help end this current rally. If the numbers are bullish as expected, the markets may dip slightly and then resume their sideways pattern.

Hurricane Helene made landfall last night as a Category 4 storm with 140 mph winds. This was the strongest hurricane on record to hit the Big Bend coast of Florida. The size of the storm was immense, with the width of the wind field spanning nearly 600 miles. It caused historic flooding along Florida’s coast before moving into Georgia and the Carolinas overnight. Millions of homes across the Southeast are without power.

The remnants of Helene will move into the mid-South and southern portions of the Midwest this weekend, producing widespread rain with the potential for localized flash flooding.

Monday afternoons harvest progress should again show us ahead of the 5-year average as the Midwest weather has been favorable.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are weaker to start the day with corn down 3 and soybeans down 8.

Harvest is under way and both the corn and soybean crops are expected to be close to 20% harvested on Monday.  There is some light rain around today but shouldn’t hinder any corn harvest.  . Early yields, especially corn yields in the center of the belt, have been outstanding. However, traders still worry that the dry finish to the season may serve to limit the upside of yields. Dry conditions have sped up dry down this year and its very evident in soybean moisture that is testing as low as 8% in certain fields.

The Buenos Aires Grains Exchange yesterday said that some Argentine farmers had begun abandoning wheat fields due to dry weather in the north and west; conditions are better in eastern wheat areas. The country’s harvest generally begins in November. Corn planting was reported at 7.1% complete, with both crops planted on 6.3 million hectares (15.6 mln ac) this season.

Assuming we can hold above $4 today things should stay flat. December corn futures appear to be range bound between $4.00 and $4.15.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is up 1 and soybeans are up 10 to start the day.

Corn and soybeans had a bit of a setback yesterday. Both corn and beans are still above their recent lows. Beans have a slightly friendly look, but stiff overhead resistance in the $9.90 to $10.00 range looms ahead. Wheat put together a couple of good days, but is lower in the overnight session.

Various news wires reported yesterday that Chinese officials have met with major grain importers to ‘suggest’ that they should prioritize domestic grain purchases vs. those coming from aboard. Domestic grain prices are suffering, and this is an attempt to help support them. Milo and Barley were the main focus of the discussion, though corn prices are also suffering multi-year domestic price lows. They have been stockpiling certain crops as prices have moved lower.

Private consultancy AgRural yesterday reported the start of 2024/25 first-crop Brazilian corn planting, at just over 4% complete this week; that’s down from 7.5% on the comparable date last season. First-crop plantings are seen down 3.5% from last season due to low prices and La Nina concerns.

Look for the markets to trade sideways to lower heading into the three day weekend.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

All commodities are in sell mode this morning as corn is down 4, soybeans down 19 and wheat is down 3.

Steady crop ratings, when ratings normally fall, rain in the forecast and follow thru selling from yesterday’s crop report in soybeans are pressuring the market today.

The August crop report saw a downward adjustment of 800,000 acres in corn, to 90.7 mil acres.  US wheat seeding was down 900,000 acres to 46.3 mil acres, while soybeans gained 1 million acres.  Crop yields are forecast at a record 183.1 bpa in corn, and soybeans at 53.2.  The acreage adjustments came from FSA reported acres that are official since they are certified acres for any producer that carries crop insurance. The USDA adds about a million acres into the USDA reports from FSA data for both corn and beans to account for those not in the program.  Overall, there were close to 5 million acres of prevent plant this year, which is close to what the statistics suggested.

Corn and soybean condition ratings remained steady this week at 67% and 68% good/excellent, respectively—both ahead of last year and their respective five-year averages.

2023/24 US Carryout (Billion Bushels)

USDA 2024 US Yield (Bushels per Acre)

USDA 2024 Production (Billion Bushels)

USDA 2025 US Carryout (Billion Bushels)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com