Weekly Commodity Market Update: Crop markets quietly watching South American growing conditions.
This week Will and Ben scope out the crop market's focus on South American weather.
Market recap (Changes on week as of Monday's close):
- March 2024 corn down $0.04 at $4.81
- December 2024 corn down $0.03 $5.10
- January 2024 soybeans up $.30 at $13.36
- November 2024 soybeans up $.15 at $12.88
- January soybean oil flat at 51.24 cents/lb
- January soybean meal up $4.90 at $413.20/short ton
- March 2024 wheat down $.11 at $6.09
- July 2024 wheat down $.18 at $6.25
- January WTI Crude Oil down $1.87 at $71.73/barrel
Weekly Highlights
US ethanol production increased to 316 million gallons from 297 million gallons the week before. Utilizing roughly 106.6 million bushels of corn- this was the largest week since mid-July.
Ag export sales were all with in pre-report expectations but down relative to the previous weeks volume across all grain and oilseeds.
The December WASDE Report contained almost no changes for grain and oilseed production and consumption.
Ag export inspections were all within pre-report expectations. However, it was a relatively low volume week for both corn and soybeans that fell below recent levels and historical norms. The historical difference is largest for soybeans.
Topics:
- Market recap
- Soybeans continue fall
- Chinese export demand
- South American moisture
- South American planting update
- Reports to watch
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
