Jobs reports give positive signals | Weekly Commodity Market Update
On this episode of Weekly Commodity Market Update, Will Robinson and Ben Brown dive into employment numbers and preview USDA's June supply and demand numbers.
Market recap (changes on week as of Monday's close):
» July 2024 corn up $.08 at $4.51
» December 2024 corn up $.06 at $4.68
» July 2024 soybeans up $.04 at $11.88
» November 2024 soybeans down $.05 at $11.58
» July soybean oil down 1.48 cents at 42.66 cents/lb
» July soybean meal up $8.50 at $368.00/short ton
» July 2024 wheat down $.65 at $6.07
» July WTI Crude Oil up $3.89 at $77.91/barrel
Weekly highlights:
Job Openings: US job openings fell to a 3-year low of 8.1 million in April, down from 8.4 million in March.
Job Creation: The US added 272,000 jobs in May, surpassing expectations of 182,000 and April's 165,000.
Unemployment: The US unemployment rate rose to 4.0%, maintaining a record streak of months at or below 4%.
Turkey Wheat Ban: Turkey banned wheat imports from June 21 to October 15 due to high domestic supplies.
Brazil Export Limits: Brazil is limiting commodity exporters' tax credits, likely raising soy prices and shifting sales to the US.
Energy Stocks: US energy stocks rose by week ending May 31st. Crude oil stocks increased by 52 million gallons, gasoline by 88 million gallons, and distillates by 134 million gallons.
Ethanol Production: US ethanol production rose for the fourth consecutive week to 315 million gallons.
Soybean Crush Estimate: The National Oilseed Processors Association revised April US soybean crush estimate to 169.4 million bushels, still below March’s 196.4 million.
Futures and Options: Open interest in Chicago futures and options rose for most commodities but fell for rough rice (-11.1%).
Managed Money Traders: Traders were net sellers of corn, soybean, and Chicago wheat futures and options.
Export Sales: Weekly grain and oilseed export sales were neutral to bearish. Corn export sales were strong, while soybean sales struggled with net cancellations.
Export Inspections: Grain and oilseed export inspections were within expectations. Corn inspections helped reduce the seasonal deficit.
Crop Progress: 95% of US corn and 87% of soybeans are planted. Corn is rated 74% good to excellent; soybeans, 72%. Cotton is 80% planted, and winter wheat harvest is 12% complete with a slight decrease in condition rating.
Topics:
» Market recap
» Wheat drop
» U.S. Jobs
» USDA June WASDE
» Reports to watch
Connect with Brownfield Ag News:
» Get the latest ag news: https://www.brownfieldagnews.com/
» Subscribe to Brownfield on YouTube: https://www.youtube.com/@BrownfieldAgNews
» Follow Brownfield on X (Twitter): https://x.com/brownfield
» Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNews
About Brownfield Ag News:
Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
