Agriculture News August 09, 2024
9 thg 8, 2024
Corn
The weekly Export Sales report from USDA showed a total of 485,447 MT of corn booked in the week that ended on August 1. That was above the range of estimates and a 4-week high. Mexico was the top buyer of 309,400 MT, with 143,300 MT sold to Spain. New crop sales totaled just 249,062 MT in that week, a 4-week low and below the trade range of expectations. Unknown destinations was the largest buyer of 127,100 MT.
Corn prices continued to decline. The settlement price for September Corn futures on August 8 was 379.25 cents per bushel, down 1.04% from the previous session.
Soybean
This morning’s Export Sales report pegged 325,423 MT of 2023/24 soybean sales in the week that ended on August 1. That was still above the top end of the 300,000 MT estimate, as China purchased 134,500 MT. New crop sales totaled 985,206 MT, above the 400,000 to 900,000 MT trade range of estimates. China was the lead buyer of 400,000 MT, with another 245,200 MT sold to unknown.
Bean meal sales were at 102,343 MT for the current marketing year, with 256,532 MT sold for the next marketing year. Soybean oil bookings were a total of 10,884 MT for the 2023/24 marketing year, with net reductions of 8,223 MT for 2024/25.
September Soybean futures extended their losing streak. The settlement price on August 8 was 993.5 cents per bushel, down 1.17% from the previous session.
Wheat
Export Sales data showed just 273,980 MT of wheat sold in the week of August 1 for the current marketing year, a 5-week low for sales and on the low end of estimates. The top buyer was Taiwan at 105,700 MT, with Japan at 63,100 MT. There was an additional 112,000 MT sold for the 2025/26 MT.
An updated estimate for EU wheat production from Strategie Grains shows a 5.8 MMT drop to their production estimate at 116.5 MMT. That was mainly due to a sizable cut to the French crop, now at 25.6 MMT and the lowest since 1986.
Japan purchased a total of 83,445 MT of wheat in their weekly tender from the US, Canada, and Australia, as 27,925 MT was sourced from the US.
September Wheat futures continued to decline. The settlement price on August 8 was 537.5 cents per bushel, down 0.14% from the previous session.
Source: Barchart
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