Agriculture News September 13, 2024
13 thg 9, 2024
Corn
The Monthly Crop Production Report shows an increase in corn yield by 0.5 bushels per acre, reaching 183.6 bushels per acre. With acreage unchanged, production rose by 39 million bushels to 15.186 billion bushels.
Old crop stocks decreased by 55 million bushels to 1.812 billion bushels, with exports up 40 million bushels and ethanol demand up 15 million bushels. For the 2024/25 crop year, stocks decreased by 16 million bushels to 2.057 billion bushels.
Global stocks fell by 1.82 million tons to 308.35 million tons. The USDA kept South American production unchanged. Argentina’s 2024/25 corn crop is estimated between 51 and 52 million tons, according to the Rosario Grain Exchange. CONAB released its latest forecast for the 2023/24 corn crop, increasing total production by 0.07 million tons to 115.72 million tons.
Corn prices continued to rise on September 12, with the December Corn contract settling at 406 cents per bushel, up more than 0.3% from the previous session.
Soybeans
Export sales data showed new crop soybean sales at 1.474 million tons, on the higher end of the forecasted range of 900 thousand to 1.6 million tons for the week ending September 5. A total of 953.8 thousand tons were shifted from the 2023/24 marketing year. Sales to China amounted to 962.6 thousand tons.
Soybean meal sales for the 2023/24 crop year totaled 276 thousand tons for the 2024/25 season, lower than the estimated range of 200 to 650 thousand tons. Soybean oil orders totaled 523 tons for the 2023/24 crop year, with only 1,730 tons sold for 2024/25.
Soybean yield remained at 53.2 bushels per acre, though slightly lower than in August, with harvested acreage unchanged and production reduced by 3 million bushels to 4.586 billion bushels. U.S. ending stocks for the old crop were cut by 5 million bushels to 340 million bushels due to increased crush, with exports unchanged. New crop stocks were reduced by 10 million bushels to 550 million bushels due to slightly lower production and smaller stocks.
Globally, old crop ending stocks decreased slightly to 112.25 million tons. Argentina’s total production decreased to 48.1 million tons, while Brazil’s production remained at 153 million tons. New crop stocks increased by 0.28 million tons to 134.58 million tons. According to the Rosario Grain Exchange, Argentina’s soybean crop is estimated at 52 to 53 million tons, with acreage up 7.5% to 43.73 million acres. CONAB left its estimate for Brazil’s 2023/24 soybean crop unchanged at 147.38 million tons.
The November Soybean contract saw an impressive gain. The settlement price on September 12 was 1,010.75 cents per bushel, up 1.02% from the previous session.
Wheat
Export sales data showed wheat sales totaling 474.9 thousand tons for the week ending September 5, up 40% from last year and within market estimates. Taiwan was the largest buyer at 105.4 thousand tons, followed by the Philippines with 98.9 thousand tons, and South Korea with 91.2 thousand tons.
The USDA's monthly WASDE update showed no changes to the U.S. balance sheet, with 2024/25 ending stocks remaining at 828 million bushels. Globally, USDA raised total wheat stocks by 0.6 million tons to 257.22 million tons, largely due to higher-than-expected carryover from last month after revising Canada’s stocks upwards. The EU’s total production was cut by 4 million tons, while Ukraine’s wheat production was raised by 0.7 million tons.
The EU's wheat crop is estimated at 114.4 million tons by Strategie Grains, down 10% year-over-year and 2.1 million tons lower than August’s projection. Egypt’s GASC purchased 430 thousand tons of Russian wheat in a private transaction, scheduled for delivery in October.
The December Wheat contract declined, with the settlement price on September 12 at 578.5 cents per bushel, down 0.13% from the previous session.
Source: Compiled data
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