Agriculture News August 02, 2024
2 thg 8, 2024
Corn
The report notes that nearly 168 thousand tons of old crop corn were sold for shipment in the week ending July 25. This is the lowest level in the marketing year and below estimates. Total new crop orders amounted to nearly 711 thousand tons, higher than expected and the second-largest figure in the marketing year.
In June, over 442 million bushels of American corn were used to produce ethanol, a slight improvement compared to the same period last year but nearly 3% lower than the previous month.
According to StoneX, Brazil's total corn production for the 2024/25 season is projected to reach 123.14 million tons, a slight increase from the 2023/2024 estimate of 121.8 million tons. The company also forecasts US corn production to exceed 15.2 billion bushels.
Corn prices have experienced a consecutive three-session decline. The settlement price for the September Corn Contract on August 1 was 382 cents per bushel, down 0.2% from the previous session.
Soybeans
The USDA reported that 132 thousand tons of soybeans were exported to China for delivery in the new crop year.
The report recorded total soybean export orders of over 376 thousand tons in the week ending July 25. This is the highest level in six weeks and above the market's estimated range. New crop sales reached 632 thousand tons, within the forecast range and the second-largest figure in the marketing year.
Monthly US crushing data showed that 183.66 million bushels of soybeans were crushed in June, nearly 1 million bushels below estimates and down over 4% from May but still up more than 5% from a year earlier. Soybean oil stocks fell nearly 3% from the end of May but remained above estimates, at 2.12 billion pounds.
StoneX estimates Brazil's 2024/25 soybean crop at 165.05 million tons, compared to the 2023/24 forecast of 149.01 million tons. For the US, they see the crop reaching 4.483 billion bushels.
The September Soybean Contract prices turned lower. The settlement price on August 1 was 1,009 cents per bushel, down 0.54% from the previous session.
Wheat
The report shows that nearly 287 thousand tons of wheat have been sold in the current marketing year, below the estimated range. Japan tendered to buy 119 thousand tons of wheat from Australia, Canada, and the US.
Additionally, Taiwan also tendered to buy 106 thousand tons of US wheat.
The September Wheat Contract prices continued to rise. The settlement price on August 1 was 532 cents per bushel, up 0.9% from the previous session.
Source: Bartchart
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