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Agriculture News September 26, 2024

26 thg 9, 2024

Corn


The U.S. Department of Agriculture (USDA) reported a private export sale of 180,000 tons of corn to Mexico through the daily reporting system. The Weekly Export Sales report will be released, with traders predicting sales to range between 600,000 and 1.3 million tons for the week ending September 19.


Weekly EIA data showed a significant drop in ethanol production, with a decrease of 55,000 barrels per day for the week ending September 20, down to 994,000 barrels per day. This is the lowest total production since early May. Inventories fell by 261,000 barrels, down to 23.524 million barrels. Ethanol input from refineries decreased by 8,000 barrels per day, to 900,000 barrels, while gasoline supply production rose sharply by 4.89%, reaching 9.205 million barrels per day.


The Buenos Aires Grain Exchange estimates Argentina's corn production for the 2024/25 season will total 47 million tons. The USDA has forecast production at 51 million tons in the September WASDE report.


The settlement price for December Corn on September 25 was 415.25 cents per bushel, up 1% from the previous trading session.


Soybeans


Before the Export Sales report, traders estimated soybean sales for the 2024/25 marketing year to range from 900,000 to 2 million tons for the week ending September 19. Sales for the 2025/26 marketing year are expected to range from 0 to 50,000 tons. For soybean products, analysts expect total sales of soybean meal to range from 100,000 to 550,000 tons across both marketing years, while soybean oil may record a net decrease of 4,000 to 26,000 tons in sales.


Argentina's soybean production for the 2024/25 marketing year is estimated by the Buenos Aires Grain Exchange at 52 million tons, compared to USDA's figure of 51 million tons.


The settlement price on September 25 was 1,053 cents per bushel, up 1% from the previous trading session.


Wheat


Wheat export sales for the 2024/25 marketing year are projected to total between 200,000 and 600,000 tons for the week ending September 19, ahead of the Export Sales report, with sales for the 2025/26 marketing year expected to range from 0 to 50,000 tons.


The Buenos Aires Grain Exchange forecasts Argentina's wheat production for the 2024/25 season at 18.6 million tons, compared to USDA's latest estimate of 18 million tons. SovEcon estimates that the area planted with winter wheat in Russia for the 2024/25 marketing year has reached a total of 20.5 million acres so far, down 10.76% from the same time last year. Dry weather is believed to be the cause of the slower planting pace.


The settlement price for the December 2024 Wheat contract on September 25 was 589.25 cents per bushel, up 2% from the previous trading session.


Source: Tổng hợp

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