Weekly Commodity Market Update: Markets focus on South American planting and weather
This week Will and Ben look at South America's crop market position as its planting season rolls on.
Market recap (Changes on week as of Monday's close):
- December 2023 corn $0.30 at $4.85
- December 2024 corn up $0.09 $5.13
- January 2024 soybeans down $.24 at $13.06
- November 2024 soybeans down $.07 at $12.73
- December soybean oil up 0.18 cents at 51.24 cents/lb
- December soybean meal down $28.30 at $408.30/short ton
- March 2024 wheat up $.43 at $6.20
- July 2024 wheat up $.54 at $6.43
- January WTI Crude Oil down $1.40 at $73.60/barrel
Weekly Highlights
• It was a strong week of grain and oilseed export sales. Corn, soybeans, and wheats all came in above their pre-report expectations. All three were up week over week and above their recent sales volumes.
• USDA’s October soybean crush came in at 201.4 million bushels, slightly above trade estimates of 201.1. It is a new record, besting the previous196.9 set in Dec. 2021), and the first time US monthly soybean crush has exceeded 200 million bushels.
• Corn used for ethanol in October of 461 million bushels was up from 430 last month and 449 last year.
• Export inspections were mixed this week and all surprises. Corn was bullish coming in above all pre-report expectations while soybeans and wheat came in below expectations.
Topics:
- Market recap
- Soybeans continue fall
- Chinese export demand
- South American moisture
- South American planting update
- Reports to watch
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