Agriculture News September 25, 2024
25 thg 9, 2024
Corn
The weekly Crop Progress report from NASS shows that crop conditions remain unchanged, with good/excellent ratings at 65%. A 1% shift from excellent to good brought the Brugler500 index down by 1 point to 364. Ratings in Ohio fell by 8 points, North Dakota dropped by 6 points, Nebraska by 5 points, Illinois and Indiana by 2 points each, and Iowa by 1 point.
Next Monday will bring the USDA Grain Stocks report, signaling the final total stock for the 2023/24 marketing year. Traders surveyed by Reuters expect a figure of 1.844 billion bushels, with estimates ranging from 1.655 to 2.017 billion bushels, while the USDA in its September WASDE report predicted 1.812 billion bushels.
Brazil’s ANEC estimates the country's corn exports in September to reach 6.68 million tons, a slight increase from the previous week's estimate.
The settlement price for the December Corn contract on September 25 was 411.75 cents/bushel, unchanged from the previous session.
Soybeans
Rain from the remnants of Tropical Storm Helene is expected to bring showers to the Eastern Corn Belt next week, slowing down harvest progress. NASS maintained the crop condition ratings at 64% good/excellent, with the Brugler500 index steady at 362 as of Monday. Crop ratings in Illinois and Indiana dropped by 3 points, Ohio fell by 13 points, and North Dakota and Minnesota each dropped by 1 point. Ratings in Iowa and Missouri increased by 1 point, while South Dakota rose by 10 points.
Soybean stocks as of September 1 are expected to total 351 million bushels ahead of next Monday’s Grain Stocks report. Market estimates range from 323 to 372 million bushels.
ANEC forecasts Brazil's soybean exports for September at 5.82 million tons, slightly lower than last week's estimate.
The settlement price on September 25 was 1,042 cents/bushel, unchanged from the previous session.
Wheat
Wheat stocks at the end of the first quarter are projected to be recorded at 1.973 billion bushels in next Monday's Grain Stocks report. Reuters estimates range from 1.794 to 2.09 billion bushels.
Japan is tendering for 112,000 tons of wheat from Australia, Canada, and the U.S., expected by Thursday, with more than 64,000 tons coming from the U.S. The European Commission estimates exports of 5.86 million tons of soft wheat since July 1, significantly lower than the 7.67 million tons in the same period last year.
The settlement price on September 25 was 578 cents/bushel, down 1% from the previous session.
Source: Compiled data
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