Agricutural News October 03, 2024
3 thg 10, 2024
Corn
Weekly Export Data is expected to show corn orders for the week ending on September 26 ranging from 0.6 to 1 million tons for the 2024/25 crop year, with sales for the 2025/26 crop year estimated between 0 and 50,000 tons.
The weekly report from the Energy Information Administration (EIA) showed ethanol production reaching over 1 million barrels per day in the week ending September 27, an increase of 21,000 barrels per day compared to the previous week. Stockpiles fell by 65,000 barrels to 23.459 million barrels. Refinery input increased by 8,000 barrels per day, reaching 908,000 barrels per day, with exports rising by 15,000 barrels to 102,000 barrels per day.
Corn prices continue to rise. The settlement price for December Corn Futures on October 3 was 432.5 cents per bushel, up 0.82% from the previous session.
Soybeans
Ahead of Thursday's Export Sales report, the market estimates soybean orders ranging from 1 to 1.6 million tons for the 2024/25 crop year, with sales for the 2025/26 crop year estimated between 0 and 50,000 tons. Soybean meal sales are expected to decrease by a net 50,000 tons to an increase of 60,000 tons for the 2023/24 crop year, with the 2024/25 forecast ranging from 140,000 to 350,000 tons.
Soybean oil sales are expected to range from 0-40,000 tons for the 2023/24 crop year, with sales for the 2024/25 crop year projected between 0 and 50,000 tons.
Dry weather forecasts will allow U.S. soybean harvesting to continue next week. Meanwhile, in South America, the weather is expected to turn wetter in parts of Brazil, where an unusually extended dry season has been experienced.
November Soybean Futures prices turned lower. The settlement price on October 3 was 1,056 cents per bushel, down 0.12% from the previous session.
Wheat
Weekly Export Data is expected to report wheat sales for the 2024/25 crop year ranging from 150,000 to 400,000 tons for the week ending on September 26. Orders for the 2025/26 crop year are expected between 0 and 50,000 tons.
Japan has issued a tender to purchase more than 137,000 tons of wheat from usual suppliers in Australia, Canada, and the U.S., with nearly 86,000 tons sourced from the U.S. SovEcon has cut Russia's wheat export forecast by 0.5 million tons to 47.6 million tons for the 2024/25 crop year. Egypt's GASC has agreed to a private deal to import 3.12 million tons of wheat from the Black Sea region between November and April.
December Wheat Futures prices rose. The settlement price on October 3 was 615.25 cents per bushel, up 2.71% from the previous session.
Source: Complicated data
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