08/08/24 Today’s Trade Heavily Shaped by Pre-WASDE Trade Expectations

MODIFIED SOYBEAN RECCO DAY 3: On prior advice you have 10% of ’24 beans hedged at 1207 and we’ve had a pending target of 1095 to hedge an additional 10%. Based on chart action, there’s stubborn resistance just above 1080 so we’re lowering our target for another 10% hedge to 1080.   On the Grains Grains are mixed in overnight trade. As of 6am corn and beans are steady to slightly either side of unchanged while wheat prices are mostly firm. Weather remains mostly benign. Weekly ethanol data was supportive as production pulled back only slightly from last week’s record and stocks declined versus expectations they’d be up.   We get export sales at 7:30 that could influence early trade depending on how they stack up versus expectations, but today’s trade will mostly be trade reaction to the averages and ranges of estimates for Monday’s WASDE. Looking first at production and average yield expectations there’s an added wrinkle. As expected, USDA is going to adjust harvested acres downward to account for prevented plant claims. So, traders are making guesstimates on those as well. In both cases, the average trade expectations for cuts in harvested acreage are modest compared to those…