Thanks for the invitation to chat with y’all about soybeans! Farms.com Ontario Risk Management #ONyield24 I enjoyed the conversations and I’m enjoying some more Canadian hospitality before I leave…

We had so much fun at Risk Management's Great ON Yield Tour event in Chesterville, that we're going to do it all again this week in Woodstock! Hope to catch you there! 👋 #ONYield24

🇺🇸At 9.4 mmt, new-crop U.S. #corn export sales as of Aug. 22 covered 16.1% of USDA's 2024/25 export forecast, a three-year high for the date. Back in early July, that percentage was only 6.5%, the date's lowest in 5 years (and second worst since 2010).

First million tonne month for Cdn canola crush in July. Topped 11.0 mln tonnes for 2023/24, up more than a million from 22/23.

But it certainly has been a mild August across the Midwest, even with the recent heat, that followed a mild July. #corn #soybeans #oatt

Thank you #ONYield24 Sponsors ⤵️ Better Farming | It's Farming. And It's Better., CaseIH Events Ontario, Jordan Wallace, Terranova-UAV, Weather INnovations, Ontario Soil & Crop, Taurus Ag Hensall Co-op Agronomy, Combyne Ag, Corteva Canada, Ralph Kuebler, Prograin, Trillium Mutual, Marty. riskmanagement.farms.com/events/ontario…

A remarkable 60-day Brazil and Argentina % of normal precipitation map as the regions head towards planting. BR soybean prod-wghted precip = 47% AR = 36%. #oatt #agwx

☀️September is typically the driest month of the year for much of the Midwest. We're predicting this September to be even drier than normal for the Ag Belt and much of the Northeast as well. Any tropical activity could greatly impact this outlook, but this is how we foresee

Now, Canadian canola needs to gain back regular volumes to Japan and Mexico, with a return to bigger exports to Europe in 24/25.

#Canola traded limit down $45 on Tuesday as #China reportedly said it plans to begin an anti-dumping investigation into canola imports from #Canada in retaliation for Canadian tariffs on Chinese EVs. Futures recovered some but (gap-down) pressure continues. Farms.com Ontario

Note lack of rainfall expected for September and any they may receive will be gone hours after it falls - - with temperatures above 100F over most of Brazil, if not over 110F.

#ONYield24 Daily presentations on the Great ON Yield Your Results and Markets Summary at #COFS 2024, September 10-12, #Maizex Dome.

The Brazil 1st season corn is planted from Aug through Dec. BR has seen extremely dry #agwx conditions over the last 30 days. The BR #corn 1st season prod wghtd precip has been 48% of nrml over the prior 30 days. #oatt #agwx

🇺🇸USDA's net farm income (NFI) outlook for 2024 changed quite substantially from February. U.S. NFI is pegged at $140B in 2024, down 7% from 2023, inflation adjusted. But 2024 NFI had been forecast in Feb to decline 27% YOY, which would have been the biggest fall since 2006.

Trade awaiting key non-farm payrolls report tomorrow. It is expected to show growth of 161,000 for Aug & a small decline in unemployment rate to 4.2%. Markets convinced of US #Fed interest rate cut this month. 0.25% or 0.50% cut? Farms.com Ontario cnbc.com/2024/09/05/fri…

US #DroughtMonitor update shows #drought expanding in #Midwest in recent weeks but still better at this point vs last year (record #corn crop year). Corn 13% in drought vs 49% LY, #soybeans 19% vs 13% LY. Warm & dry conditions favored for crop maturation & early harvesting Farms.com Ontario

US economy created fewer jobs vs expected in August, reflecting a slowing labor market. More reason for the #Fed to cut interest rates later this month. August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2% Farms.com Ontario cnbc.com/2024/09/06/job…

🌽As of Aug. 29, new-crop U.S. #corn export sales covered 19.2% of USDA's export forecast for 2024/25. That figure can't compete with 2020/21 or 2021/22 because #China is no longer buying U.S. corn like it had been, but new-crop sales over the last 8 weeks were above average.

The main reason Canada exported more canola in 22/23? Cda had a decent crop after the '21 drought. Acreage was lower but yields recovered. The reason why more was exported to China? It dropped its restrictions on Viterra & Richardson in mid-22. So dumping? Umm no.