Corn

June corn exports out of the US totaled 5.496 MMT (216.38 mbu), which was a 3-year high but down 7.89% from the May shipment total. The official Census data has exports at 47.81 MMT, or 1.88 bbu, through June, leaving 342 mbu needed to reach USDA’s projection in the last 2 months of the marketing year.

Exports of distillers in June totaled 945,592 MT, a 3-year low. Ethanol shipments, however, totaled 145.87 million gallons, which was down 6% from May but a record for June.  

Brazilian corn exports in July totaled 3.553 MMT according to trade ministry data, down 16% from July 2023.

Corn prices declined. The September Corn Contract settlement price on August 6 was 388.75 cents per bushel, down 0.51% from the previous session.

Soybean

The official Census export data was released this morning, with US soybean exports tallied at 1.339 MMT (49.2 mbu). That was well above last year but a 5.04% drop from May. Year to date exports have totaled 43.03 MMT, or 1.581 bbu, as 119 mbu is need in the final 2 months of the MY to meet USDA’s number.

Soybean meal shipments in June totaled 1.119 MMT, a 10.76% increase from May but down 11.19% from last year’s June record. Bean oil exports were a 4-year high for June at 52,312 MT, which was also the largest for any month since July 2022.

Soybean exports out of Brazil were tallied at 11.25 MMT during July, according to government data, 16% above the same month last year.

The September Soybean Contract price also declined. The settlement price on August 6 was 1,014 cents per bushel, down 1.7% from the previous session.

Wheat

Actual Census data showed US wheat exports at 1.47 MMT (53.87 mbu) during June, to kick off the marketing year. That was 27.56% more than June 2023, but was still the second lowest for the month in the last 20 years. It was also down 7.76% from May

Egypt’s GASC is looking for wheat in a tender that is set to close on August 12. Delivery periods are set from October to April and a maximum of 3.8 MMT of wheat to be purchased. Algeria has also issued a tender for wheat, with offers due on Thursday. Japan’s Ministry of Ag is setting their weekly tender for Thursday and 83,445 MT of wheat sought from the US, Canada, and Australia, with 22,615 MT US specific. 

The September Wheat Contract price increased. The settlement price on August 6 was 543.25 cents per bushel, up 0.7% from the previous session.

Sources: Collected from various sources