Afternoon highlights on the global grain market as of August 29, 2024

U.S. agricultural futures for corn, soybeans, and wheat saw an increase on Thursday due to positive export sales, short covering, and weather concerns. The USDA reported significant sorghum sales to China for the 2024/2025 marketing year. The U.S. Department of Commerce adjusted the second quarter GDP to show a slight increase from 2.8% to 3.0%. Consumer spending also saw a rise in the same quarter. However, drought conditions in corn, soybean, and winter wheat areas have worsened, as shown by the weekly U.S. drought monitor. The Financial Industry Regulatory Authority (FINRA) is expected to release its Commitments of Traders report tomorrow. Additionally, the U.S. dollar index, crude oil prices, E-mini S@P, and gold prices have all seen upward movements.