Daily Market Commentary
8-29-2024
Morning Comments
Iowa State report:
Corn and beans are looking good with good yield potential. The planting delays were two weeks. There has been good temps and rainfall. Corn is 77% good to excellent. Bean condition is 77% good to excellent too.
209 bushels per acres are projected by the USDA.
61 bushels per acres are projected by the USDA.
Rain in the Eastern Corn belt pushed beans down. More rain was more than expected. First notice day for September has resulted in large liquidation of old crop stocks.
Exports are thought to increase but large supplies are moving into the market. Not much will sustain rallies until we see more demand. The USDA reported daily export sales of 264,000 MT of soybeans for delivery to China during the 24/25 marketing year, 100,000 MT of corn for delivery to Colombia during the 24/25 marketing year, and 165,735 MT of corn for delivery to Mexico during the 24/25 marketing year.
Fund selling pressured the corn and soybeans. Spot soybeans basis is softer in some areas as producers and elevators anticipate a big harvest.
Gulf CIF corn was notably firmer on the August bid, matching a huge jump in the September bid earlier in the week. However, these improvements still do not make up for the recent run in barge freight. The CIF bean bid for Sep was softer but other slots were little changed.
Beans $9.80 and higher area continues to show up as resistance for SX4.
The markets are suggesting that more farmers could have been selling bushels ahead of September first notice day. September first notice day is on Friday. armers that cleaned out their bins and delivered corn or soybeans on a September basis contract but did not sell the futures on that set of bushels have most likely been selling those bushels this week to finalize their contracts and put the old crop marketing year to bed.
Old Crop Corn: Supply – Neutral, Demand – Bullish, Technicals – Bearish
New Crop Corn: Supply – Neutral, Demand – Bullish, Technicals – Bearish
Old Crop Beans: Supply – Neutral, Demand - Bullish, Technicals – Bearish
New Crop Beans: Supply – Neutral, Demand - Bullish, Technicals – Bearish
John R. Anderson
Vice President of Grain
Farmers Union Cooperative
563-380-2311
Managing risk to optimize price
Grain and oilseed markets can be complex and fluid, and the best opportunity one minute can change in the next. The grain team at Farmers Union Cooperative is here to provide a strategic, forward-thinking approach to marketing that will help you manage volatility and realize a better overall outcome from your grain sales.
Because of our geographic location, we have several choices in where we sell grain. This provides us with unique opportunities to market your grain and diversify your portfolio to manage risk.
We often work with our farmer-members to put together sales to achieve a better price. Whether you sell to us, a processor, or a river terminal, we’ll help you capture a better price with delivery terms that work for you (whether you deliver or utilize our services).
Our facilities
We have facilities in Ossian, Fort, Postville, Waucoma and Manchester that receive corn, soybeans and oats. Our West Union location handles corn only.
Grain delivered to our feed mills is used in the area as livestock feed. You can also utilize our grain bank service for your own feed needs.
We make regular investments in our facilities to ensure a smooth unloading process, and we have storage of around 5 million bushels.
During the busy fall season, we flex our hours to keep grain moving and get you back to the field as soon as possible.
Farmers Union Grain Contacts
For more information on any of our grain services, contact Farmers Union’s grain team:
Farmers Union Grain Locations
Cash Bids
Futures
Grain Programs
We offer numerous specialized marketing contracts that help spread risk and take advantage of opportunities when they arise. Please talk to us about your objectives, and we’ll work with you to choose contracts that fit your risk tolerance and profit goals.
In addition to grain contracts, we offer services such as discounted drying at the beginning of the fall season. We also can do on-farm pickup with our trucks, and we can deliver to direct-ship locations at your request.