Agriculture News August 01, 2024
1 thg 8, 2024
Corn
A private export sale of 104,572 MT of 2024/25 corn was announced this morning to unknown destinations. Export Sales data estimates are running 275,000 MT to 600,000 MT for old crop corn in the week ending on July 25. New crop bookings are expected to total 400,000 to 800,000 MT for that week.
EIA’s weekly Petroleum Status report tallied US ethanol production at 1.109 million barrels per day in the week that ended on July 26. That was up 14,000 bpd from the week prior and a record for any week since EIA kept track starting in 2010. Refiner inputs were up just 1,000 bpd to 919,000 bps, with exports up 1,000 at 58,000 bpd. That caused stocks to rise 250,000 barrels to 23.973 million. Most of that stock increase was in the Midwest, up 420,000 barrels, with the East Coast down 81,000 barrels and the Gulf dropping 292,000 barrels.
Corn prices continued to decline in midweek trading. The settlement price for the September Corn Contract on July 31 was 382.75 cents per bushel, down 1.54% from the previous session.
Soybeans
USDA will release their weekly Export Sales report on Thursday morning, with most expecting to see old crop soybean sales at 75,000 to 300,000 MT and new crop in a range of 300,000 to 900,000 MT. Meal sales are seen at 150,000 to 700,000 MT in a total of this and next marketing year. Bean oil sales are estimated to total 0 to 20,000 MT.
June crush data will be updated on Thursday, with most expecting to see a drop from May, but an improvement from last year. Soybean oil used for biodiesel production in May totaled 1.076 billion lbs according to EIA data. That was the largest total since December but down 5.69% from last year.
The September Soybean Contract price rebounded. The settlement price on July 31 was 1,014.5 cents per bushel, up 0.35% from the previous session.
Wheat
The weekly Export Sales report will be updated on Thursday, as traders are estimating bookings in the week of July 25 totaled between 250,000 to 550,000 MT.
Russia’s export tax is down 41.2% from the week prior at 906.4 rubles per ton for the week of July 31 to August 6. Tunisia purchased 125,000 MT of soft wheat and 50,000 MT of durum wheat imports on Tuesday.
The September Wheat Contract price turned upward. The settlement price on July 31 was 527.25 cents per bushel, up 0.62% from the previous session.
Source: Barchart
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