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Agriculture News Septermber 11, 2024

11 thg 9, 2024

Corn


Ahead of the USDA's Supply and Demand report, which is set to be released on Thursday, analysts predict that the National Agricultural Statistics Service (NASS) will reduce corn yields by 0.4 bushels per acre, bringing the average to 182.7 bushels per acre. Harvested acreage is expected to remain unchanged, while total production is projected to decrease by 42 million bushels, down to 15.105 billion bushels.


U.S. ending stocks for the old crop are expected to drop by about 8 million bushels to 1.859 billion bushels. According to a Bloomberg survey, new crop production is forecast to decline by 41 million bushels, down to 2.032 billion bushels, primarily due to smaller yields.


Corn prices abruptly turned lower. The settlement price for the December Corn contract on September 10 was 404.25 cents per bushel, down over 0.7% from the previous session.


Soybeans


The crop production report is expected to show a slight increase of 0.1 bushels per acre, bringing the yield to 53.3 bushels per acre. Harvested acreage is estimated to remain unchanged this month, with total production 6 million bushels higher than in August, according to a Bloomberg survey, totaling 4.595 billion bushels.


Ending stocks for the old crop are forecast to slightly decrease to 343 million bushels. New crop soybean supplies are expected to increase by 8 million bushels, reaching 568 million bushels.


According to Chinese Customs data, soybean imports into China in August totaled 12.14 million tons, a 29% increase compared to August last year.

The November Soybean contract price fell by more than 2% from the previous session, settling at 997.25 cents per bushel on September 10.


Wheat


Wheat production data is unlikely to change this month, as the USDA is waiting for the Small Grains Summary report. However, demand updates may occur in the balance sheet for any necessary adjustments. Analysts surveyed by Bloomberg anticipate a 6 million bushel reduction in U.S. wheat ending stocks, bringing the total to 822 million bushels.


The European Commission estimates that during the marketing year (starting on July 1), soft wheat exports from the EU reached a total of 4.82 million tons as of August 9, down from 6.25 million tons during the same period last year.


The December Wheat contract price increased by more than 1% from the previous session, with the settlement price on September 10 being 574.25 cents per bushel, up 1% from the previous session.


Source: Compiled

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