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USDA REPORT DAY

What changed this month?

Check out our full breakdown of the USDA report! We’ve analyzed the latest changes to the USDA balance sheets for corn, soybeans, and wheat, highlighting key updates and what they mean for the market.

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Quick Studies

NOPA September crush surpasses expectations.

The National Oilseed Processors Association, NOPA, released September soybean crush this morning. 177.320 million bushels were processed in the first month of the new marketing year. That was better than the 170.331 trade expectation.

October 15, 2024
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NOPA September crush surpasses expectations.

The National Oilseed Processors Association, NOPA, released September soybean crush this morning. 177.320 million bushels were processed in the first month of the new marketing year. That was better than the 170.331 trade expectation.

Quick Studies
October 15, 2024
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A little more rain added to HRW areas this morning, talk that Russia has a better forecast

HRW areas have another small increase of rain in the forecast this morning on the 10 day maps

Market Movers
October 15, 2024
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Argentina saw normal rains last week, Brazil near normal.

Brazil rains last week were near normal.

Quick Studies
October 14, 2024
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Another Week Of Harvest Underway

If funds remain quiet that will take away support we have been seeing for 10 weeks and allow normal harvest pressure to cause slow moves lower, it is likely we have 2 – 3 weeks of harvest pressure left

Market Movers
October 14, 2024
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WASDE Expected Bullish Across The Board

USDA will release their October WASDE Report at 11:00 am CST

Market Movers
October 11, 2024
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Daily Market Report

Livestock
A general sell-off in commodities helped pressure the beef complex. December fed cattle gapped lower to start and never recovered. The packer kill setback will now extend to a second week. Wholesale beef continues to advance. USDA's monthly supply/demand report on Friday was moderately bearish. Futures have largely recovered from their prior recession concerns.
Wheat
The second day of the week saw moderate selling for wheat. Russia and Ukraine will see rain in the days ahead. SovEcon on Monday suggested Russian exports here in October will be strong. The time of Russia's expected export drop in the months ahead is unknown. It is still far to early to make strong claims over the coming world summer 2025 harvest. For now, there is still a light risk implied. World stocks/use for the current 2024/25 crop are already at 10 year lows. Some would suggest a part of this pressure could be light trade war risk given Trump's rebound in polling.
Soybean
Though soybeans did rebound from morning lows, it was still a new low for this recent downtrend. It was also a new lowest close. South America is set for above normal rains ahead. US exports remain a light concern with reduced price advantage with Brazil and a falling Mississippi. Futures today are now flirting with a view that US ending stocks will be raised over USDA's current 550 mil bu view. One small positive for today, September domestic US crush was better than expected. Perhaps another reason for part of the pressure, Trump has regained ground vs. Harris recently (trade war risk).
Corn
December corn continued its downward slide, hitting a low of $4.00 ¼ as the market struggles during harvest, which is progressing steadily, with 30% completed last week. Brazil’s corn production is projected to rise by 3.5% this season, though exports remain below last year’s record pace. Meanwhile, lower crude oil prices and potential tariff concerns with China are putting additional pressure on corn prices through ethanol demand and global trade dynamics.
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