8/30/2024

Corn picks up 10 cents and soybeans improve just over 25 cents on the week to go into the holiday weekend on a positive note.  Soybean export sales have picked up the pace in a big way.  At the end of last week, sales volume for new crop soybeans stood ta 16.1% of the total USDA forecast, a three-year high for the week.  In early July, that total was only 6.5%, a 5 year low.  You can see in history, it's not entirely rare to see futures markets bottom out in August but its still more than likely we have not seen the lows, yet.  Harvest is just around the corner and we will soon see a flush of new grain supply hit the market.  We still have a situation where any significant price rally in the U.S. that does not have any sort of threat to the supply to support it will immediately price the U.S. out of the global grain market.  Reminder: Glacial Plains will be closed on Monday, September 2nd for Labor Day.