Agriculture News September 06, 2024
6 thg 9, 2024
Corn
Ethanol production reached 1.061 million barrels per day during the week ending on August 30, a decrease of 10,000 barrels per day compared to the previous week. Ethanol stocks dropped by 218,000 barrels to 23.354 million barrels. Ethanol refinery inputs rose by 8,000 barrels to 933,000 barrels per day. During that week, exports fell to 91,000 barrels per day.
Old crop export sales are estimated at 200,000 tons, while new crop estimates range from 0.7 to 1.4 million tons.
Brazil's corn exports in August totaled 6.063 million tons, down over 35% from last year, marking the lowest August export level since 2020 and the second-lowest in the past six years.
Corn prices have broken their upward streak. The settlement price for December Corn Futures on September 5 was 410.75 cents per bushel, down nearly 0.5% from the previous session.
Soybeans
Private export sales of 2024/25 soybeans recorded 126,000 tons sold to China and 189.7 thousand tons to an unknown destination.
New crop sales are expected to total between 800,000 and 2 million tons for the week of August 29. Soybean meal sales are projected between 150,000 and 650,000 tons, with 0 to 20,000 tons in total soybean oil sales.
Brazil's soybean exports in July totaled 8.04 million tons, the lowest in six months and down 4.12% from last year.
The November Soybean Futures contract has posted six consecutive sessions of gains. The settlement price on September 5 was 1,023.5 cents per bushel, up slightly by 0.2% from the previous session.
Wheat
Export sales for wheat are expected to reach between 300,000 and 600,000 tons. Japan purchased 87.7 thousand tons of wheat from the US and Canada, with 63.7 thousand tons sourced from the US. According to the AGPB production group, France's wheat crop is estimated at 25.98 million tons, down 26% from last year and lower than the French Ministry of Agriculture's forecast of 26.32 million tons.
December Wheat Futures prices reversed their trend, with the settlement price on September 5 at 574.75 cents per bushel, down more than 1% from the previous session.
Source: Compiled
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