08/14/2024 Brazil’s CONAB Says USDA Still Way Overestimating Their Soybean and Corn Crops and Exports

On the Grains
Grains are mixed in overnight trade thus far. As of 6am corn was steady to weak, beans on the firm side and wheat lower. We’re beginning to see a fairly steady stream of flash export sales in both corn and beans as our price decline is augmented by recent reaffirmation of the downtrend in the U.S. dollar to put prices below those of Brazil.
 
The pressure on the dollar stems from increasing confidence that easing inflation and worrisome employment numbers make a 50-pt. cut in interest rates by the Fed all but certain for September and some thinking there might even be another cut before yearend.