Markets are trading mixed overnight in a very quiet trade.

Managed funds on Thursday were estimated as net sellers of 6k corn to reduce the net long to 109k, net sellers of 1k beans to push the net short out to 68k, and net sellers of 3k wheat to push the net short out to 61k.

The Grain Industry Association of Western Australia raised their wheat production estimate by 495 tmt. Total wheat harvest for Australia is estimated at 31.9 mmt (USDA 32).

China said their national grain crop for 2024 totaled 706.5 mmt, which was a new record and up 1.6% from last year.

The Buenos Aires Grains Exchange said the top producing state of Cordoba needed rain before planting can resume. The country rated areas that have been planted at 98% normal or excellent. Corn planting is 56% complete and bean planting is 65% complete.

Ukraine’s ag minister raised their total grain harvest forecast for 2024 by 1mmt to 55 mmt. 

Conab raised their Brazil soybean production forecast to 166.21 mmt. Soybean crushing group, Abiove, raised their Brazil forecast to 168.7 mmt. The USDA currently estimates the Brazil crop at 169 mmt.

Corn gapped open lower for trade on Thursday with the market finishing with large losses. Prices remain in the upper end of their recent range with the market overbought. Support is near 4.44 and resistance 4.50.

Beans traded an inside day on Thursday, finishing with fractional gains and remaining within the recent range. The market is balanced with indicators neutral. Support is 9.80 and resistance 10.09.

Corn corrected on Thursday with the market giving back a large portion of the post-report gains as hedge pressure weighed. The weather situation in Argentina is supportive but have seen prices rally 90+ cents from the late August lows with U.S. supplies still forecast at comfortable levels. Producers can look at optional strategies to protect unpriced bushels.

Beans continue to see a sideways trade with the market hovering just above long-term support at 9.80. The global supply outlook is bearish with large supplies expected out of South America. Producers should use optional strategies to protect unsold bushels as a push to lows is possible.

Corn mixed

Beans down 3-6

‍