Written Commentary
MORNING COMMENTS
Geopolitics:
The Tim Walz and JD Vance match up tomorrow will be the last debate of the 2024 US Presidential election. JD Vance, former President Trump’s VP pick had a seat in the Senate as the Ohio representative. Tim Walz most recently was the Governor of Minnesota. Both candidates were choose to appeal to the blue collar/working-class voters in sates like Pennsylvania, Michigan and Wisconsin. The two will go at it in New York City on Tuesday night at 8 pm CST. CBS will host he debate.
Ag Fundamentals:
The Commodity Futures and Trading Commission released the Commitment of Traders report on Friday that showed an overall net buying of both corn and soy complex. Looking at Managed Money, they bought 4,115 corn contracts last week, covered 47,437 short soybean contracts, increased length in soymeal by 18,501 and covered shorts in soy oil by 31,732 contracts. Harvest looks to have a good window of clear weather to promote progress this week.
Weather:
Weather is prime for harvest to move forward in the US without issue. Hurricane Helene has cleared out to the east and the next 7-10 days will be dry and clear. There are a few depressions floating over the Atlantic, but they are not expected to substantially threaten the US (expect for possibly Florida in the next 7 days). Brazil”s 30 day weather forecast flip flopped back and forth between dry and possible rain events during the course of last week’s forecasts. They still have plent of time to make up for a slow start to their planting season.
Current Activity Over the Atlantic is showing a few storms. Only one (in orange) over the Gulf of Mexico that may cause a slow down in vessel logistics.
Export & World News
USDA confirmed a sale of 20K MT of soybean oil to South Korea. Algeria has bought an unknown amount of animal feed corn from Brazil and Argentina.
Malaysian palm oil futures were down overnight 53 ringgit, at 3998.
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