08/09/24 After the WASDE Absorbed Monday, Attention Will Turn to Upcoming PF Crop Tour

On the Grains As of 6am, grains are firmer with wheat up the most. Yesterday’s probe of new lows for both December corn and November beans keeps the trend down, however and overnight strength possibly the flip-side of traders positioning for Monday’s WASDE with those already short starting to cash in. There is still considerable farmer selling going on to make room for new crop, but we are noticing less pressure on basis and even some basis improvement in some areas as buyers are finally starting to recognize bargain prices. The best hope at this point is that whatever USDA’s numbers are on Monday, they may already be dialed in even if somewhat “bearish.” If so, and the markets don’t break much on “bearish” numbers that could be the catalyst that finally triggers short covering by funds that could feed on itself for a decent rebound.   Weekly export sales released early yesterday were a mixed bag. Here are the numbers and the status of sales YTD as they impact USDA’s export forecasts in   Monday’s WASDE update: CORN – New crop sales at only 249,000 tonnes didn’t even make the low end of expectations that ranged from 475K to…