SFVN News 08.11.2024: Soybean Prices Surge with Strong Gains at Session Close
8 thg 11, 2024
Corn
The U.S. Department of Agriculture (USDA) reported a private export sale of 120,000 tons of corn to unknown destinations this morning. Weekly export sales data showed total orders of 2.766 million tons of corn for the 2024/25 marketing year as of October 31, exceeding the estimated range of 1.7 to 2.5 million tons. This marks the second-largest weekly total for the current marketing year and more than doubles the same week last year. Mexico was the top buyer with 1.395 million tons, while 673,500 tons were sold to unknown destinations. Sales for the 2025/26 marketing year totaled 65,532 tons.
The USDA released its annual 10-year baseline forecast this afternoon, projecting corn acreage for 2025/26 at 92 million acres, up from 90.7 million acres this year.
Brazil exported 6.406 million tons of corn in October, over 2 million tons less than the same month last year. Overnight, a South Korean importer purchased 65,000 tons of corn from optional origins, with the U.S. listed as a potential supplier. Algeria issued a tender for 240,000 tons of corn from Argentina or Brazil, with bids due by Friday.
The December 2024 corn futures contract closed at 427.5 cents per bushel, up 1.25 cents, or 0.29%.
Wheat
Weekly export sales data showed total wheat sales at 374,735 tons for the week ending October 31, at the lower end of estimates ranging from 250,000 to 550,000 tons for the old crop. This is the lowest in six weeks, down 8.92% year-over-year but up 5.77% compared to the same week last year. Mexico was the largest buyer at 105,800 tons, followed by unknown destinations with 73,000 tons.
The USDA's baseline forecast projects wheat acreage for 2025/26 at 46 million acres, slightly below this year’s 46.1 million acres.
Japan purchased a total of 121,790 tons of wheat from the U.S., Canada, and Australia in its weekly tender, with 71,712 tons sourced from the U.S. Meanwhile, Russia’s Ministry of Agriculture estimates the country’s 2024 wheat production at 83 million tons.
The December wheat futures contract closed at 571.5 cents per bushel, down 1.75 cents, or 0.31%.
Soybeans
Thursday’s Export Sales Report showed total soybean sales of 2.04 million tons for the week ending October 31, near the upper end of estimates ranging from 1.2 to 2.2 million tons. While this marked a three-week low, it was 88.7% higher than the same week last year. China was the largest buyer with 1.223 million tons, followed by unknown destinations with 152,100 tons.
The January 2025 soybean futures contract closed at 1,026.25 cents per bushel, up 22.5 cents, or 2.24%.
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