Crop sales sluggish as harvest speeds on | Weekly Commodity Market Update
This week Will and Ben look at slow grain marketing as low prices encourage storage.
Market recap (changes on week as of Monday's close):
» December 2024 corn up $.01 at $4.09
» December 2025 corn down $.05 at $4.37
» November 2024 soybeans down $.15 at $9.81
» November 2025 soybeans down $.22 at $10.25
» December soybean oil up 0.49 cents at 42.39 cents/lb
» December soybean meal up $2.80 at $318.30/short ton
» December 2024 wheat down $.13 at $5.72
» July 2025 wheat down $.15 at $6.09
» December 2024 cotton up 1.17 cents at 72.20 cents/lb
» December 2025 cotton up 0.60 cents at 73.49 cents/lb
» October WTI Crude Oil down $3.34 at $70.00/barrel
Weekly highlights:
US retail sales were up 0.4% in September compared to August. Expectations were for retail sales to be up 0.3%.
US housing starts and building permits were as expected in September- coming in below levels experienced in August.
US energy stocks decreased across the board week over week for crude oil, gasoline, and distillate fuels- 92, 92, and 148 million gallons, respectively. Weekly gasoline demand was down 11% week over week, down 4% from last year but 5% higher than the previous five-week average.
US ethanol production increased just slightly on the week- up to 306 million gallons from 305 million gallons the week prior. US ethanol stocks increased 5 million gallons.
The National Oilseed Processors Association announced their members crushed 177.3 million bushels of soybeans in September- above Aug 24, Sept 23, and all pre-report trade expectations.
Open interest was up for wheats (+1.8%), corn (+4.3%), soybeans (+8.6%), soybean meal (+2.3%), and cotton (+0.9%), while being down for soybean oil (-2.1%) and rough rice (-4.3%).
Money managers are again short the grains and oilseed markets. Traders were net sellers of corn (-63,259), soybean (-18,543), soybean oil (-5,565), soybean meal (-40,877) and cotton (-741). Traders were buyers of wheats and rice.
Weekly export sales for grain and oilseeds were bullish on the week. Corn sales to all destinations of 87.6 million bushels were above all expectations and the largest single week since April 2023. Soybean sales were also supportive at 62.6 million bushels. Wheat sales of 18.5 million bushels came in at the top end of pre-report expectations.
Weekly grain and oilseed expectations were mixed. Corn export inspections of 39.4 million bushels and soybean inspections of 89.4 million bushels were within expectations but up from the week prior and recent volumes. Wheat inspections of 9.9 million bushels were below all expectations.
Harvest continues across the region. Corn harvest is 65% complete- up from 52% on average and 63% expected. Soybean harvest was 81% complete up from 67% on average. Cotton harvest was 44% complete compared to 38% on average.
Winter wheat planting is 73% complete as of Sunday- below expectations of 77% completed.
Topics:
» Market recap
» Wheat planting
» Harvest updates
» Export outlook
» Strong soybean crush
» Reports to watch
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