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Weekly Commodity Market Update with Ben Brown

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USDA makes few changes in March supply and demand report | Weekly Commodity Market Update

This week Will and Ben check in on inflationary measures and USDA's updated supply and demand numbers. Chapters: 0:00 Introduction 1:44 Market recap 4:13 Checking inflation measures 7:21 USDA updates its supply and demand estimates 10:40 Oilseed crush comes in below expectations 14:20 Reports to watch Market recap (changes on week as of Friday's close): » May 2025 corn down $.11 at $4.58 » December 2025 corn down $.03 at $4.51 » May 2025 soybeans down $.09 at $10.16 » November 2025 soybeans down $.07 at $10.18 » May soybean oil down 1.83 cents at 41.59 cents/lb » May soybean meal up $9.40 at $305.90/short ton » May wheat up $.06 at $5.57 » July 2025 wheat up $.08 at $5.73 » May 2025 cotton up 1.30 cents at 67.37 cents/lb » December 2025 cotton up $1.52 at 69.98 cents/lb » May WTI Crude Oil up $.18 at $66.96/barrel Weekly highlights: US job openings in January were reported at 7.7 million jobs- that was up from a two year low of 7.5 in December 2024. The Consumer Price Index (CPI) was reported up at 0.2% month over month vs expectations of increasing 0.2%. The annual CPI increased 3.1% vs 3.3% last month and expectations of 3.2%. The Producer Price Index (PPI) was flat month over month in February- below expectations of 0.3% growth. The annual PPI was reported at 3.2%- down from 3.7% in January. The Preliminary Consumer Sentiment value fell harder than expected in March. Consumers have concerns about economic health and high levels of future inflation. US retail sales were up 0.2% in February compared to January, but below the 0.6 growth expectations. Year over year retail sales are up 3.1%. USDA left the corn and soybean balance sheets virtually unchanged this month- the exception being a 15-cent decline in the season-average price for soybeans. Sorghum demand categories continue to change, and wheat saw reductions in demand and price. US crude oil stocks were up 60.8 million gallons while gasoline and distillate fuel stocks were down 241 and 65.5 million gallons, respectively. Implied US gasoline demand was up 3% from last week and up 8% compared to the prior four week average. US ethanol production pulled back to 312 million gallons- down from 321, but up from 301 last year and the five-year average of 296 million gallons. Ethanol stocks increased 3.7 million gallons but remain just below the all time record set in April 2020 at the start of the Coronavirus pandemic. The National Oilseed Processors Association reported their members crushed 177.9 million bushels of soybeans in February- below all pre-report estimates. Weekly grain and oilseed export sales were neutral to bullish on the week- corn sales of 38.1 million bushels were in line with pre-report expectations but up from the week prior. Soybean and wheat export sales of 27.6 and 28.8 million bushels, respectively were both above all pre-report expectations. Sorghum sales were healthy at 1.3 million bushels. Rice sales fell to a 5-week low at 0.7 mil. Cwt. Open interest in futures and options of grains and oilseeds was up 0.3% week over week. Producer and merchants reduced their net short position 71,035 contracts, while money managers were net sellers again this week- increasing their net short position. Weekly grain and oilseed export inspections were solid this week. Corn and soybean inspections of 65.3 and 23.8 million bushels were both within range, while wheat inspections of 18.1 million bushels were bullish- above all pre-report expectations. Topics: » Market recap » Checking inflation measures » USDA updates its supply and demand estimates » Oilseed crush comes in below expectations » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #supplyanddemand #agriculture #news #markets

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USDA makes few changes in March supply and demand report | Weekly Commodity Market Update cover art

USDA makes few changes in March supply and demand report | Weekly Commodity Market Update

This week Will and Ben check in on inflationary measures and USDA's updated supply and demand numbers. Chapters: 0:00 Introduction 1:44 Market recap 4:13 Checking inflation measures 7:21 USDA updates its supply and demand estimates 10:40 Oilseed crush comes in below expectations 14:20 Reports to watch Market recap (changes on week as of Friday's close): » May 2025 corn down $.11 at $4.58 » December 2025 corn down $.03 at $4.51 » May 2025 soybeans down $.09 at $10.16 » November 2025 soybeans down $.07 at $10.18 » May soybean oil down 1.83 cents at 41.59 cents/lb » May soybean meal up $9.40 at $305.90/short ton » May wheat up $.06 at $5.57 » July 2025 wheat up $.08 at $5.73 » May 2025 cotton up 1.30 cents at 67.37 cents/lb » December 2025 cotton up $1.52 at 69.98 cents/lb » May WTI Crude Oil up $.18 at $66.96/barrel Weekly highlights: US job openings in January were reported at 7.7 million jobs- that was up from a two year low of 7.5 in December 2024. The Consumer Price Index (CPI) was reported up at 0.2% month over month vs expectations of increasing 0.2%. The annual CPI increased 3.1% vs 3.3% last month and expectations of 3.2%. The Producer Price Index (PPI) was flat month over month in February- below expectations of 0.3% growth. The annual PPI was reported at 3.2%- down from 3.7% in January. The Preliminary Consumer Sentiment value fell harder than expected in March. Consumers have concerns about economic health and high levels of future inflation. US retail sales were up 0.2% in February compared to January, but below the 0.6 growth expectations. Year over year retail sales are up 3.1%. USDA left the corn and soybean balance sheets virtually unchanged this month- the exception being a 15-cent decline in the season-average price for soybeans. Sorghum demand categories continue to change, and wheat saw reductions in demand and price. US crude oil stocks were up 60.8 million gallons while gasoline and distillate fuel stocks were down 241 and 65.5 million gallons, respectively. Implied US gasoline demand was up 3% from last week and up 8% compared to the prior four week average. US ethanol production pulled back to 312 million gallons- down from 321, but up from 301 last year and the five-year average of 296 million gallons. Ethanol stocks increased 3.7 million gallons but remain just below the all time record set in April 2020 at the start of the Coronavirus pandemic. The National Oilseed Processors Association reported their members crushed 177.9 million bushels of soybeans in February- below all pre-report estimates. Weekly grain and oilseed export sales were neutral to bullish on the week- corn sales of 38.1 million bushels were in line with pre-report expectations but up from the week prior. Soybean and wheat export sales of 27.6 and 28.8 million bushels, respectively were both above all pre-report expectations. Sorghum sales were healthy at 1.3 million bushels. Rice sales fell to a 5-week low at 0.7 mil. Cwt. Open interest in futures and options of grains and oilseeds was up 0.3% week over week. Producer and merchants reduced their net short position 71,035 contracts, while money managers were net sellers again this week- increasing their net short position. Weekly grain and oilseed export inspections were solid this week. Corn and soybean inspections of 65.3 and 23.8 million bushels were both within range, while wheat inspections of 18.1 million bushels were bullish- above all pre-report expectations. Topics: » Market recap » Checking inflation measures » USDA updates its supply and demand estimates » Oilseed crush comes in below expectations » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #supplyanddemand #agriculture #news #markets

A weakening US dollar to benefit ag exports | Weekly Commodity Market Update cover art

A weakening US dollar to benefit ag exports | Weekly Commodity Market Update

This week Will and Ben look at the positive impacts of a weakening US dollar, an historic shift in commodity crop managed money positions and glance at the winter wheat market. Market recap (changes on week as of Friday's close): » May 2025 corn flat at $4.69 » December 2025 corn down $.01 at $4.54 » May 2025 soybeans flat at $10.25 » November 2025 soybeans down $.04 at $10.25 » May soybean oil down 0.70 cents at 43.42 cents/lb » May soybean meal down $3.70 at $296.50/short ton » May wheat down $.04 at $5.51 » July 2025 wheat down $.04 at $5.65 » May 2025 cotton up 0.56 cents at 66.07 cents/lb » December 2025 cotton up $0.58 at 67.88 cents/lb » May WTI Crude Oil down $2.56 at $66.78/barrel Weekly highlights: The US economy added 151,000 jobs in February- up from the month prior but below expectations of 165,000 jobs. The unemployment rate increased to 4.1%. US energy stocks were up 151.8 million gallons for crude oil, but down 60.2 and 55.4 million gallons for motor gasoline and distillate stocks, respectively. Implied gasoline demand was strong- up 6% compared to the prior four-week average. US ethanol production increased to 321 million gallons produces- up from 318 million. The volume compares to 311 million gallons last year. Ethanol stocks decreased 11.8 million gallons after shooting to to the highest level since April 17, 2020 the week prior. Condition rating scores were a mixed bag for wheat markets. Hard red winter wheat conditions increased in Colorado and Kansas while soft red winter wheat conditions declined in Missouri and Illinois. Nearly all states have conditions ratings lower this month than November, the exception being Montana. Weekly grain and oilseed export sales were largely as expected this week- the notable exception was bullish soybean oil export sales. Corn sales were reported at 35.8 million bushels, soybean sales at 13 million bushels, soft red winter wheat sales at 2.8 million bushels, rice at 1.3 million cwt, and cotton at 0.2 million bales. Open interest for futures and options of grains and oilseeds was up 2.5% week over week while producers and merchants reduced their net short position in the sector 22.1% to a net short of 815,209 contracts. Money managers were large net sellers of 261,820 contracts – the largest single week sell off on record. Weekly export inspections report for grains and oilseeds was mixed- corn and sorghum inspections were bullish at 71.6 and 2.1 million bushels, respectively, while wheat inspections were bearish at 7.9 million bushels. Soybean inspections at 31.0 million bushels were neutral. Topics: » Market recap » Weaking US dollar a positive for US exports » The meaning of a record grains and oilseed contract selloff » Winter wheat snapshot » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #currency #export #agriculture #news #markets

USDA projects record trade deficit as tariffs approach ag exports | Weekly Commodity Market Update cover art

USDA projects record trade deficit as tariffs approach ag exports | Weekly Commodity Market Update

This week Will and Ben break down USDA's record ag trade deficit projection and incoming US ag export tariffs. Chapters: 0:00 Introduction 1:02 Market recap 3:00 USDA expects record ag trade deficit 7:03 Tariffs hitting US ag exports 9:06 Ethanol stocks swell 10:26 Reports to watch Market recap (changes on week as of Friday's close): » May 2025 corn down $.36 at $4.69 » December 2025 corn down $.15 at $4.55 » May 2025 soybeans down $.32 at $10.25 » November 2025 soybeans down $.30 at $10.29 » May soybean oil down 3.22 cents at 44.12 cents/lb » May soybean meal down $3.70 at $300.20/short ton » May wheat down $.49 at $5.55 » July 2025 wheat down $.48 at $5.69 » May 2025 cotton down 2.09 cents at 65.25 cents/lb » December 2025 cotton down $1.27 at 67.88 cents/lb » May WTI Crude Oil down $0.88 at $69.34/barrel Weekly highlights: Personal incomes increased 0.9% in January- partially aided by social security updates and state level minimum wage increases, but consumer spending fell 0.2% month over month- the first decline in 22 months, vs expectations of a 0.1% gain. US energy stocks were up across the board. Crude oil stocks increased 98 million gallons on the week, gasoline stocks increased 17 million gallons, and distillate fuel stocks were up 164 million gallons. US ethanol production pulled back just slightly to 318 million gallons produced- vs 319 million gallons, but sharply lower ethanol exports caused ethanol stocks to jump to their largest volume since April 2020. US ethanol producers used 457.4 million bushels of corn in January according to USDA. The volume was down from the volume in December and a pretty disappointing volume for the month of January. US soybean crushers crushed 212.6 million bushels of soybeans in January. The value exceeded all pre-report expectations and was slightly bullish to the soybean market. At the USDA Ag Outlook Forum- USDA estimated corn and soybean acreage at 94.0 and 84.0 million acres, respectively. Yields were estimated at 181.0 and 52.5 bushels per acre, respectively. Weekly grain and oilseed export sales were bearish on the week. Corn sales of 31.3 million bushels came in below all pre-report estimates. Wheat sales of 9.9 million bushels were also below all pre-report estimates. Soybeans sales at 15.1 million bushels were within expectations but down week over week. Open interest in futures and options of grains and oilseeds were down 11.2% week over week. Producer and merchants reduced their net short position 6.7% and managed money holders reduced their net long position 26.1% or 57,650 contracts. Money managers are net long the complex 162,917 contracts. Weekly export inspections for US grains and oilseeds were all as expected. Corn and sorghum shipments of 53.2 and 0.6 million bushels, respectively were up week over week, while soybean inspections of 25.5 million bushels were down week over week and wheat shipments were flat at 14.3 million bushels. Topics: » Market recap » USDA expects record ag trade deficit » Tariffs hitting US ag exports » Ethanol stocks swell » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #trade #tariffs #agriculture #news #markets

Friday USDA report to set tone for 2025 crop year | Weekly Commodity Market Update cover art

Friday USDA report to set tone for 2025 crop year | Weekly Commodity Market Update

This week Will and Ben dive into the upcoming opening crop balance sheet for the 2025 season. Chapters: 0:00 Introduction 0:53 Market recap 3:04 USDA balance sheet out on Friday 6:19 A record oilseed crush falls below expectations 8:42 The impact of dropping consumer sentiment 11:04 Cattle on Feed's impact to feed grains 12:34 Reports to watch Market recap (changes on week as of Friday's close): » March 2025 corn up $.09 at $5.05 » December 2025 corn down $.03 at $4.70 » March 2025 soybeans up $.21 at $10.57 » November 2025 soybeans up $.07 at $10.59 » March soybean oil up 0.74 cents at 46.81 cents/lb » March soybean meal down $1.10 at $294.80/short ton » March wheat up $.10 at $5.90 » July 2025 wheat down $.08 at $6.17 » March 2025 cotton down 1.03 cents at 66.08 cents/lb » December 2025 cotton down $0.24 at 69.15 cents/lb » October WTI Crude Oil down $0.49 at $70.22/barrel Weekly highlights: Consumer Sentiment declined significantly in February to 64.7 vs 71.7 in January and below expectations of 68.0. US crude oil stocks increased 195 million gallons on the week- the four straight week. US gasoline stocks were mostly flat on slightly lower weekly demand. Distillate stocks were down 86 million gallons. US ethanol production increased just slightly to 319 million gallons- up from 218 million last week but matching the volume this time last year. Ethanol ending stocks were up 22 million gallons and are 3% higher than last year. The National Oilseed Processors Association reported their members crushed 200.4 million bushels in January- a new record for January, but below expectations. The implied soybean oil demand number was bullish despite a bearish crush report. Grain and oilseed export sales were neutral on the week with corn sales of 57.2 million bushels, soybean sales of 17.6 million bushels, grain sorghum at 870,00 bushels, and all wheat sales at 19.6 million bushels. Soybean oil sales came in above all expectations after being negative the week prior. Cattle on Feed in as of February 1 was reported at 11.716 million head- 99.3% of last year. The report was seen as neutral to slightly bullish with both placements and marketings coming in higher than last year. Open interest in futures and options contracts of grains and oilseeds was up 1.5% week over week with producer and merchants increasing their net short position 3.4% and money managers increasing their net long position a combined 39,366 contracts- all of which were nearly exact opposites of the week prior. US grain and oilseed export inspections were all as expected today although down week over week for corn and up week over week for soybeans and total wheats. Topics: » Market recap » USDA balance sheet out on Friday » A record oilseed crush falls below expectations » The impact of dropping consumer sentiment » Cattle on feed's impact to feed grains » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #crops #farming #agriculture #news #markets

Inflationary pressures could drive support to ag markets | Weekly Commodity Market Update cover art

Inflationary pressures could drive support to ag markets | Weekly Commodity Market Update

This week Will and Ben discuss how higher than expected inflation measurements could benefit agriculture. Market recap (changes on week as of Monday's close): » March 2025 corn up $.09 at $4.96 » December 2025 corn up $.07 at $4.73 » March 2025 soybeans down $.13 at $10.36 » November 2025 soybeans down $.05 at $10.52 » March soybean oil flat at 46.07 cents/lb » March soybean meal down $5.50 at $295.90/short ton » March wheat up $.18 at $6.00 » July 2025 wheat up $.19 at $6.25 » March 2025 cotton up 1.48 cents at 67.11 cents/lb » December 2025 cotton up $0.78 at 69.39 cents/lb » October WTI Crude Oil down $0.26 at $70.74/barrel Weekly highlights: The Consumer Price Index came in up 0.5% month over month- higher than the 0.3% expected and the 0.4% experienced last month. The Producer Price Index was also higher than expected, but lower than the December index. US retail sales were worse than expected- posting the largest monthly drop in nearly two years. US crude oil stocks increased again this week- up 171 million gallons along with distillate stocks up just 5.7 million gallons. Gasoline stocks were down 127.5 million gallons with US implied gasoline demand up 3% from the week prior and 5% from the same time last year. US ethanol production declined to 318 million gallons on the week- after a strong weekly production of 327 million gallons the week prior. The volume matches the same set during the week in 2024. Ethanol stocks declined 30 million gallons on the week. Grain and oilseed export sales were mixed this week with corn and wheat sales of 64.9 and 20.9 million bushels, respectively being up week over week and at the top end of pre-report expectations, while soybean sales of 6.8 were below all expectations. Sorghum sales of 2.1 million bushels were the largest weekly volume since Mid-November. Open interest in futures and options contracts of grains and oilseeds was down 1.6% week over week with producer and merchants decreasing their net short position 3.5% and money managers reducing their net long position a combined 55,387 contracts. It was the first net reduction of the complex in nearly 2 months. Topics: » Market recap » Inflation numbers higher than expected » Commodity markets could benefit from inflation » Bill introduced to instate year-round E15 » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #inflation #agriculture #news #markets

Tariff pressure rises, fuel and fertilizer costs shift | Weekly Commodity Market Update cover art

Tariff pressure rises, fuel and fertilizer costs shift | Weekly Commodity Market Update

This week Will and Ben discuss the tariff back and forth and fuel and fertilizer prices ahead of spring planting. Chapters: 0:00 Introduction 0:53 Market recap 3:40 Trade tariff pressure continue to build 7:58 Diesel stocks continue to fall 9:35 Fertilizer prices shifting ahead of spring 11:02 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.05 at $4.87 » December 2025 corn up $.06 at $4.66 » March 2025 soybeans up $.07 at $10.49 » November 2025 soybeans up $.06 at $10.57 » March soybean oil flat at 45.98 cents/lb » March soybean meal up $.30 at $301.40/short ton » March wheat up $.23 at $5.82 » July 2025 wheat up $.22 at $6.06 » March 2025 cotton down 0.25 cents at 65.63 cents/lb » December 2025 cotton flat at 68.61 cents/lb » October WTI Crude Oil down $1.53 at $71.00/barrel Weekly highlights: The February 2025 JOLTS report revealed that US job openings decreased to 7.3 million, indicating a continued cooling in the US labor market. The February 2025 US employment report showed a gain of 143,000 jobs- down from 170,000 job expectations with unemployment rate edging down to 4.0%, while average hourly earnings increased by 0.5% to $35.87/hour. US crude oil stocks increased 364 million gallons and US gasoline stocks were up 94 million gallons, while distillate fuel stocks fell 229.8 million gallons. US ethanol production rebounded sharply to a calendar year record of 327 million gallons- up from 298 million the week prior. Ethanol stocks increased 29 million gallons. It was a neutral to bullish week for US grain and oilseed export sales- US corn export sales of 58.2 million were at the top of expectation, while soybean sales of 14.2 were towards the bottom. All wheat exports sales were reported at 16.1 million bushels. Open interest in futures and options contracts of grains and oilseeds was up 3.3% week over week while producer and merchants increased their net short position 6.8% and money managers added another 51,836 net long contracts. Topics: » Market recap » Trade tariff pressure continue to build » Diesel stocks continue to fall » Fertilizer prices shifting ahead of spring » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #tariffs #fuel #fertilizer #agriculture #news #markets

New Canada tariffs, higher China tariffs, looming Mexico tariffs | Weekly Commodity Market Update cover art

New Canada tariffs, higher China tariffs, looming Mexico tariffs | Weekly Commodity Market Update

This week Will and Ben discuss how the newly active tariffs will impact agriculture markets. Chapters: 0:00 Introduction 1:20 Market recap 3:00 Cotton market in peril 5:02 Trade tariffs 9:32 Fed holds interest rates steady 12:05 Reports to watch Market recap (changes on week as of Sunday's close): » March 2025 corn down $.04 at $4.82 » December 2025 corn down $.01 at $4.60 » March 2025 soybeans down $.13 at $10.42 » November 2025 soybeans up $.03 at $10.51 » March soybean oil about up .89 cents at 46.11 cents/lb » March soybean meal down $4.80 at $301.10/short ton » March wheat up $.15 at $5.59 » July 2025 wheat up $.14 at $5.84 » March 2025 cotton down 1.73 cents at 65.88 cents/lb » December 2025 cotton down 0.79 cents at 68.71 cents/lb » October WTI Crude Oil down $2.13 at $72.53/barrel Weekly highlights: The Federal Reserve Open Market Committee maintained the federal funds rate at a range of 4.25-4.50%. In the official policy statement released- words around inflation moving in the correct direction were removed. In the fourth quarter of 2024, the US economy grew at an annual rate of 2.3%, driven by consumer and government spendings, despite downturns in investment and exports. This compares to expectations of 2.5% growth and the 3.3% experienced in Q4 of 2023. US crude oil stocks increased 145.5 million gallons on the week- the first increase in 2.5 months. Gasoline stocks were up 124 million gallons week over week while distillate fuel stocks were down 210 million gallons. Implied gasoline demand was 3% on the week. US ethanol production pulled back to 298 million gallons as the cold snap across the Midwest limited production. The volume compares to 323 the week prior and 291 the same week last year. This was the first time production fell below 300 million gallons since September. The December Cotton Systems report indicated that cotton consumption was 77% lower than December 2023 with cotton stocks down 50% year over year. Manmade fiber was down 26% from November 2024 and 4% from December 2023. It was a mixed week for export sales of US grains and oilseeds. Corn sales of 53.5 million bushels were down from the week prior. Soybean sales of 16.1 were bearish coming in below all expectations while wheat sales of 16.8 million bushels were near the top end of expectations. There were again- no new sorghum export sales. The USDA January 2025 cattle inventory report revealed the total US cattle inventory decreased by 1% from the previous year, totaling 86.7 million head as of January 1, 2025. This marks the lowest level of beef cattle in 64 years. Grain export inspections from the US last week came in within expectations. Corn, soybeans, and sorghum weekly shipments were all higher than the week prior, but lower week over week for combined US wheats. Topics: » Cotton market in peril » Trade tariffs with Canada and China » Avoiding tariffs with Mexico » Fed holds interest rates steady » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #tariffs #canada #china #mexico #agriculture #news #markets

The threat of trade friction with key partners looms | Weekly Commodity Market Update cover art

The threat of trade friction with key partners looms | Weekly Commodity Market Update

This week Will and Ben examine how threats of tariffs could impact ag markets. Chapters: 0:00 Introduction 0:49 Market recap 2:54 Avoiding trade friction with Columbia 5:12 Pressure to cut interest rates 9:46 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.02 at $4.86 » December 2025 corn up $.05 at $4.56 » March 2025 soybeans up $.21 at $10.55 » November 2025 soybeans up $.21 at $10.48 » March soybean oil about down .47 cents at 45.22 cents/lb » March soybean meal up $8.70 at $305.90/short ton » March wheat up $.06 at $5.44 » July 2025 wheat up $.10 at $5.70 » March 2025 cotton flat at 67.61 cents/lb » December 2025 cotton up 0.38 cents at 69.50 cents/lb » October WTI Crude Oil down $1.86 at $74.66/barrel Weekly highlights: Consumer Sentiment in January declined for the first time in six months due to deteriorating thoughts about current economy and expectations of the future. Expectations included higher prices and a weaker job market. US crude oil input, gasoline, and distillate fuel production was all lower week over week. US crude oil stocks fell 42.7 million gallons week over week along with distillate fuel stocks down 128.9 million gallons. US gasoline stocks were 97.9 million gallons higher with weekly implied gasoline demand down 3% week over week. US ethanol production increased to 323 million gallons- up from 322 the week prior and compares to 240 million gallons produced durign this week last year. Ethanol stocks were up 36.4 million gallons on the week. It was another strong week for corn export sales at 65.4 million bushels. Soybean exports also made a bullish counter seasonal move at 54.8 million bushels. There were no grain sorghum sales, while all wheat export sales were bearish at 6.1 million bushels. The wheat sales volume was below all pre-report expectations. Cattle on Feed as of January 1 were reported at 11.823 million head. The number is 99.1% of January 1, 2024, with the trade anticipating 99.6% Cattle placements in December were 96.7% vs trade estimate of 100.0%. Cattle marketings of 101% were below the average estimate of 101.3%. The report was seen as bullish to cattle markets. Open interest in futures and options positions of grains and oilseeds increased 4.6% on the week. Producers and merchants were net sellers on the week of 80,041- the fifth week of sales after 179,249 contracts last week, while money managers were net buyers of 44,467 contracts after 122,026 last week. Weekly grain and oilseed export inspections were mixed. Corn inspections of 49.1 million bushels were as expected, soybean inspections of 26.8 million bushels were bearish, while wheat inspections of 17.8 million bushels were bullish. There were 35,000 bushels of grain sorghum inspected. Topics: » Market recap » Avoiding trade friction with Colombia » Tariff threats looming over Canada, Mexico » Pressure to cut interest rates » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #trade #tariffs #agriculture #news #markets

The soybean market might have raised its floor | Weekly Commodity Market Update cover art

The soybean market might have raised its floor | Weekly Commodity Market Update

This week Will and Ben dive weigh strong soybean crush numbers against heightened Brazilian soybean expectations. Chapters: 0:00 Introduction 1:03 Market recap 2:36 Brazil adjusts soybean expectations 5:04 Strong soybean crush numbers continue 7:49 Inflationary numbers fall within expectations 11:06 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.14 at $4.84 » December 2025 corn up $.06 at $4.56 » March 2025 soybeans up $.09 at $10.34 » November 2025 soybeans down $.04 at $10.27 » March soybean oil about flat at 45.69 cents/lb » March soybean meal down $1.10 at $297.20/short ton » March wheat up $.08 at $5.38 » July 2025 wheat up $.06 at $5.60 » March 2025 cotton up 0.59 cents at 67.60 cents/lb » December 2025 cotton up 0.26 cents at 69.12 cents/lb » October WTI Crude Oil up $0.77 at $75.75/barrel Weekly highlights: Wall Street breathed a sigh of relief when the December inflation readings reported in the Producer Price Index and Consumer Price Index were not higher than expected- as some feared. Prices move higher in December but were largely as expected with annual readings for the PPI at 3.3% and the CPI at 2.9%. US energy stocks were mixed on the week- crude oil stocks fell 82.4 million gallons, while gasoline and distillate stocks were higher 245.8 and 129.2 million gallons, respectively. Gasoline stocks increased for the 9th straight week. Implied gasoline demand was down 4% from recent volumes. US ethanol production decreased for the third straight week to 322 million gallons from 324 million the week prior, but production remains well above the 310 million gallons this time last year. Ethanol stocks increased 36 million gallons on the production increase and lower implied demand. Soybean crush in December by National Oilseed Processors Association members was 206.6 million bushels- up the average of 205.5 million pre-report estimate, 193.2 million bushels in November 2024 prior and 195.3 million bushels in December 2023. The volume was a new single month record for any month of the year. It was a bullish week for feed grains in the export market with corn and wheat sales of 40.3 and 18.9 million bushels, respectively, coming in above all pre-report expectations. Soybean sales of 20.9 million bushels were in the middle of expectations and there were no grain sorghum sales. Open interest in futures and options positions of grains and oilseeds increased 6.7% on the week. Producers and merchants were net sellers on the week of 179,249 contracts while money managers were net buyers of 122,026 to establish the largest net long position since September 2023. Grain and oilseed export inspections were mixed. Corn inspections of 60.7 million bushels were a marketing year high and above all pre-report expectations while soybean and wheat inspections of 35.8 and 9.6 million bushels, respectively, were below all pre-report expectations. Topics: » Market recap » Brazil adjusts soybean expectations » Strong soybean crush numbers continue » Inflationary numbers fall within expectations » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #soybeans #agriculture #news #markets

USDA makes large adjustments in final 2024 crop numbers | Weekly Commodity Market Update cover art

USDA makes large adjustments in final 2024 crop numbers | Weekly Commodity Market Update

This week Will and Ben look at USDA's revamped production and supply numbers for 2024 crops. Chapters: 0:00 Introduction 0:43 Market recap 3:06 USDA numbers provide bullish push 8:56 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.13 at $4.70 » December 2025 corn up $.05 at $4.50 » March 2025 soybeans up $.28 at $10.25 » November 2025 soybeans up $.18 at $10.31 » March soybean oil up 5.25 cents at 45.53 cents/lb » March soybean meal down $9.00 at $298.30/short ton » March wheat down $.10 at $5.30 » July 2025 wheat down $.07 at $5.54 » March 2025 cotton down 1.67 cents at 67.01 cents/lb » December 2025 cotton down 1.04 at 68.86 cents/lb » October WTI Crude Oil up 2.93 at $75.75/barrel Weekly highlights: There was lots of economic news this week- headlined by the December jobs and wage reports. The US economy added 256,000 jobs in December- well above expectations of 155,000 jobs. US unemployment ticked lower to 4.1% along with both a decrease in the number of layoffs on the month and the median length of unemployment. These data suggest the FED may slow interest rate cuts. US energy stocks were mixed with US crude oil stocks down 40.3 million gallons but a surprisingly large build to gasoline and distillate stocks of 266 and 255 million gallons, respectively. Implied gasoline demand was up 4% week over week. US ethanol production decreased to 324 million gallons for the week ending December January 3, but up from 312 million gallons last year and a five-year average of 294- ethanol stocks increased 21 million gallons. USDA lowered their estimate of 2024 corn and soybean yields to 179.3 and 50.7 bushels/acre, respectively- both below the most bullish pre-report estimates. With changes to harvested acreage- 2024 production for both crops came in below all estimates. US winter wheat seedings came in above the 2023 by 725,000 acres when the trade was expecting a small decrease. The acreage total was within the range of expectations. Wheat acreage was up year over year for all three wheat classes. It was a bearish week for grain and oilseed export inspections. US corn, soybean and wheat sales of 17.5, 10.6 and 4.1 million bushels were all the lowest of the marketing year to date and below all pre-report expectations. Topics: » Market recap » USDA numbers provide bullish push » Watch upcoming soybean crush » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #crops #agriculture #news #markets

USDA reports, extreme weather to move markets early in 2025 | Weekly Commodity Market Update cover art

USDA reports, extreme weather to move markets early in 2025 | Weekly Commodity Market Update

This week Will and Ben dive into how upcoming USDA numbers could shake the market out of sideways trading. Chapters: 0:00 Introduction 0:49 Market recap 3:17 USDA numbers to shake up markets 6:45 Soybean crush remains strong 8:35 Impacts of cold snap 10:36 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.05 at $4.57 » December 2025 corn up $.06 at $4.45 » March 2025 soybeans up $.06 at $9.97 » November 2025 soybeans up $.05 at $10.13 » March soybean oil flat at 40.33 cents/lb » March soybean meal down $4.50 at $307.30/short ton » March wheat down $.08 at $5.40 » July 2025 wheat down $.05 at $5.61 » March 2025 cotton flat at 68.68 cents/lb » December 2025 cotton flat at 69.90 cents/lb » October WTI Crude Oil up 2.29 at $72.82/barrel Weekly highlights: There were not many economic news headlines over the holiday season. That is not expected to continue in 2025 and seemed to start on Monday January 6th when Canada’s Prime Minister, top 3 trading partner to the US, announced his resignation and the Vice Chair of the Federal Reserve, Michael Barr also announcing his resignation. US energy stocks were again mixed on the week. Crude oil stocks were down another 50 million gallons- the sixth consecutive reduction. US gasoline and distillate fuel stocks were both higher by 324 and 270 million gallons, respectively. US gasoline consumption fell 9% week over week but was 3% higher than last year. US ethanol production increased to 327 million gallons for the week ending December 27th up from 325 million gallons the week before and 308 million in 2023. Ethanol stocks increased 24 million gallons. USDA reported that November soybean crush came in at 210 million bushels- above the average trade estimate of 207.6 million bushels and 200.1 last November. This was a new record for the month of November but short of the volume set in October 2024 at 215.8 million bushels. USDA reported corn used for ethanol in November at 464.9 million bushels- down from 467 million in October but up from 457 million bushels in November 2023. Dried distillers grain production was estimated at 1.836 million short tons in November. Open interest in Chicago grains and oilseeds was down collectively 3% on the week. Open interest fell for combined wheats (-1.3%), soybeans (-10.2%), soybean oil (-2.4%), soybean meal (-8.2%) and rough rice (-3.5%) while being up for corn (+1.2%) and cotton (+1.0%). Money managers were net buyers of the complex- buying a net 120,000 contracts. Money managers were buyers of wheats (9,322), corn (67,859), soybeans (25,436), and soybean meal (31,429), while selling off rough rice (-869), cotton (-4,162), and soybean oil (-9,015). US grain and export sales were relatively disappointing over the holiday week- however, not the worst ever experienced. Corn, soybean and wheat export sales for 2024/25 marketing year at 30.6, 17.8 and 5.2 million bushels, respectively, were all bearish- falling below the expected range. Weekly grain and oilseed export inspections were slightly bullish on the week. Corn and soybean exports of 33.4 and 47.2 million bushels, respectively, were within expectations while wheat shipments of 15.2 million bushels were above all expectations. Topics: » Market recap » USDA numbers to shake up markets » Soybean crush remains strong » Impacts of cold snap » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #weather #agriculture #news #markets

USDA makes sizable adjustments in recent supply and demand update | Weekly Commodity Market Update cover art

USDA makes sizable adjustments in recent supply and demand update | Weekly Commodity Market Update

This week Will and Ben review USDA's December WASDE numbers and look ahead to the Federal Reserve's meeting this week. Chapters: 0:00 Introduction 1:04 Market recap 3:03 USDA releases December WASDE 5:19 NOPA: soybean crush numbers down on the month 6:53 Federal Reserve in interesting position 8:48 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.04 at $4.45 » December 2025 corn up $.01 at $4.40 » January 2025 soybeans down $.08 at $9.82 » November 2025 soybeans down $.06 at $9.98 » March soybean oil down 0.97 cents at 42.07 cents/lb » March soybean meal down $2.30 at $293.70/short ton » March wheat down $.08 at $5.50 » July 2025 wheat down $.06 at $5.67 » March cotton down 0.89 cents at 69.06 cents/lb » December 2025 cotton down 0.81 at 70.33 cents/lb » October WTI Crude Oil up 2.45 at $70.58/barrel Weekly highlights: The US Consumer Price Index for November was reported at 2.7% year over year matching expectations but up from 2.6% in October. The producer price index was up 3% in November compared to the year prior and up from 2.6% in October. The National Oilseed Processors Association reported their members crushed 193.2 million bushels of soybeans in November- down from 200 in October and 3.5 million below the average trade estimate. Although the volume was a new November record. NOPA Also reported soybean oil stocks at 1,084 million pounds- below the average trade estimate of 1,123 million pounds. Implied domestic use of 2,284 million pounds is down from October but a November record. USDA updated supply and demand estimates a week ago. The December report increased corn use for ethanol 50 million bushels and exports 150 million bushels. With no other changes- corn ending stocks were reduced 200 million bushels. Soybean balance sheet was left unchanged other than the season average price dropping to 60 cents per bushel to $10.20. US grains and oilseed export sales were bearish on the week. Corn sales of 37.3 million bushels and soybean sales of 43.1 million fell below their pre-report trade expectations. Wheat sales of 10.7 million bushels were at the low end of expectations. Weekly export inspections of grains and oilseeds were as expected. Corn shipments of 44.5 million bushels were above the week prior, at the top end of expectations and the largest weekly total in three months. Soybean shipments of 61.6 million bushels were down slightly from the week prior and the smallest volume in 2.5 months. Topics: » USDA releases December WASDE » NOPA: soybean crush numbers down on the month » Federal Reserve in interesting position » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #usda #supplyanddemand #agriculture #news #markets

Global shifts impacting cotton, corn markets | Weekly Commodity Market Update cover art

Global shifts impacting cotton, corn markets | Weekly Commodity Market Update

This week Will and Ben look at a global shift in cotton supply and demand along with potential trade friction with Canada. Chapters: 0:00 Introduction 1:05 Market recap 3:35 Global cotton supply and demand 7:50 Trade tension with Canada building 12:50 Reports to watch Market recap (changes on week as of Monday's close): » March 2025 corn up $.09 at $4.41 » December 2025 corn up $.07 at $4.39 » January 2025 soybeans up $.05 at $9.90 » November 2025 soybeans down $.01 at $10.04 » March soybean oil up 1.62 cents at 41.42 cents/lb » March soybean meal up $7.80 at $295.70/short ton » March wheat up $.11 at $5.58 » July 2025 wheat up $.11 at $5.73 » March cotton down 1.54 cents at 69.95 cents/lb » December 2025 cotton down 1.13 at 71.14 cents/lb » October WTI Crude Oil mostly flat at $68.13/barrel Weekly highlights: The US Economy created 227,000 jobs in the month of November, up from the disappointing 36,000 in October. The Unemployment rate was unchanged at 4.2%. Year over year hourly wage inflation was also steady at 4.0%. US crude oil stocks were down 213 million gallons while gasoline, distillates, and ethanol stocks were higher by 99, 142, and 6 million gallons, respectively. Implied US gasoline demand was 3% higher week over week. US ethanol production pulled back from its record production the week prior to 315 million gallons produced- roughly the same as the same week in 2022 and 2023. Open interest in grains and oilseed futures and options was up 1.1%. Across commodities it was up for wheats (+3.5%), soybeans (+0.9%), soybean oil (+3.0%), soybean meal (+1.9%), and cotton (+0.2%). Open interest was down for rough rice (-2.0%) and corn (-0.4%). Money managers were net sellers of the grains and oilseed complex again this week. Traders sold off net futures and options positions of wheat (-18,037), corn (-9,222), and soybean oil (-13,766), while being net buyers of soybeans (+9,255), soybean meal (+2,117), cotton (+3,618) and rough rice (+753). US grains and oilseed export sales were bullish again this week. Corn sales of 68.2 million bushels were above all pre-report expectations. Soybean sales of 85.0 million bushels were at the top end of expectations and SRW at 3.5 million bushels was the largest volume in 2 months. Weekly export inspections were up for corn at 41.3 million bushels but down for soybeans (59.6), grain sorghum (2.9) and wheats (8.3). Wheat shipments were bearish, below all pre-report expectations. Topics: » Global cotton supply and demand » Trade tension with Canada building » USDA supply and demand numbers out » Federal Reserve to meet on interest rates Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #globaltrade #cotton #corn

USDA increases expectation for 2025 ag trade deficit | Weekly Commodity Market Update cover art

USDA increases expectation for 2025 ag trade deficit | Weekly Commodity Market Update

This week Will and Ben break down a shifting ag trade picture and what it means for U.S. growers. Market recap (changes on week as of Monday's close): » March 2025 corn down $.01 at $4.32 » December 2025 corn flat at $4.32 » January 2025 soybeans flat $9.85 » November 2025 soybeans down $.05 at $10.05 » March soybean oil slightly down at 41.42 cents/lb » March soybean meal up $8.00 at $293.70/short ton » March wheat down $.08 at $5.47 » July 2025 wheat down $.11 at $5.62 » March cotton slightly down at 71.49 cents/lb » December 2025 cotton flat at 72.27 cents/lb » October WTI Crude Oil down $.82 at $68.10/barrel Weekly highlights: US consumer confidence improved again in November- 2.1 points to 111.7 in November largely driving by improved current conditions in the labor market. US energy stocks were mixed with crude oil stock lower 77.5 million gallons, gasoline and diesel stocks higher 139 and 17.5 million gallons, respectively. US gasoline demand was up 1% from the week prior and 4% higher than the same week last year. US ethanol production once again set a weekly production record- the third such record in 2024 at 329 million gallons produced. Even with the record production, ethanol stocks only grew 12.9 million gallons. Open interest was down week over week for all Chicago grains and oilseeds: wheats (-10.1%), corn (-12.2%), soybeans (-1.4%), soybean oil (-7.8%), soybean meal (-8.2%), cotton (-2.2%), and rough rice (-4.3%). Money managers built on their net short position on the week. Managed money traders sold off 8,858 futures and options positions of wheats, 17,186 positions of corn, 13,771 positions of soybeans, 32,867 positions of soybean oil, and 11,716 positions of soybean meal, while being buyers of 15,986 positions of cotton and 661 positions of rough rice. US grain and oilseed export sales were neutral to bullish on the week. Corn, grain and wheat sales were as expected at 41.8, 4.8 and 13.5 million bushels, respectively. US soybean and soybean oil sales were above all expectations at 91.5 million bushels and 124.8 thousand metric tons, respectively. This week’s grain and oilseed export inspections report was within expectations but down week over week for corn (36.8 million bushels), soybeans (76.7), and wheats (10.9). Grain sorghum exports were up on the week- 7.7 million bushels. Topics: » USDA increases 2025 ag trade deficit expectation » Jamieson Greer tapped for USTR » Ukraine introduces minimum export price for key ag goods » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #usda #trade

Black Sea tensions and trade deals cloud U.S. commodity prices | Weekly Commodity Market Update cover art

Black Sea tensions and trade deals cloud U.S. commodity prices | Weekly Commodity Market Update

This week Will and Ben reflect on further developments in the Black Sea region and a new trade deal between China and Brazil. Market recap (changes on week as of Monday's close): » December 2024 corn down $.05 at $4.24 » December 2025 corn down $.09 at $4.32 » January 2025 soybeans down $.24 at $9.85 » November 2025 soybeans down $.16 at $10.10 » December soybean oil down 4.31 cents at 41.21 cents/lb » December soybean meal up $3.40 at $293.70/short ton » December 2024 wheat down $.12 at $5.35 » July 2025 wheat down $.09 at $5.72 » December 2024 cotton up 6.58 cents at 73.20 cents/lb » December 2025 cotton up 1.65 cents at 72.27 cents/lb » October WTI Crude Oil down $.25 at $68.92/barrel Weekly highlights: The leading indicators of the US economy index dropped 0.3% last month due to higher jobless claims, fewer building permits and a decline in manufacturing orders. Still there is little sign that the current four-year expansion is ending- just slowing. US consumer sentiment was up in November to 71.8 from 70.5 in October- the highest monthly reading since April 2024. US energy stocks were mostly higher on the week with crude oil up 23 million gallons, gasoline up 86 million gallons, and ethanol 22 million gallons. Distillate fuel stocks were down 5 million gallons. Energy prices continue to ease as talk of a ceasefire in the Middle East grow. US ethanol production pulled back from its record high volume of 327 million gallons to 326 million gallons. Ethanol production has been a supportive fundamental for the US corn market this summer and fall. Open interest was up week over week for wheat (+0.3%), corn (+0.1%), soybean (+5.1%), and soybean meal (+0.7%), while down for soybean oil (-1.7%), cotton (-3.2%), and rough rice (+10.9%). Money managers were mixed on the commodities this week but the whole complex returned to a net short position. Traders sold off 10,516 contracts of wheat, 13,165 contracts of soybeans, 19,084 contracts of soybean oil, 36,069 contracts of soybean meal, and 22,136 contracts of cotton while buyers of corn and rough rice by 4,639 and 530 contracts, respectively. US Cattle on Feed as of November 1st totaled 11.986 million head or 100.3% of last year. That was slightly higher than the pre-report estimates of 99.9%. October placements were 105.3%, above expectations while placements marketings were 104.7%, slightly below expectations of 105.2%. US export sales were mixed on the week- corn sales of 58.8 million bushels were down week over week while soybean sales of 68.4 million bushels exceeded all pre-report expectations. Grain sorghum and wheat sales of 4.8 and 20.2 million bushels were solid. This week’s grain and oilseed export inspections report was slightly bullish with corn inspections at 35.6 million bushels, coming in above pre-report expectations and wheat shipments of 13.2 million bushels at a two-month high. US winter wheat conditions were reported at 55% good to excellent this week- up from 49% last week and well above pre-report expectations of 51%. Topics: » Market recap » Escalation in Black Sea region » New ag trade deal between Chin and Brazil » Impact of Trump Administration cabinet selections » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #trade #prices

Record ethanol production and soy crush provide silver linings | Weekly Commodity Market Update cover art

Record ethanol production and soy crush provide silver linings | Weekly Commodity Market Update

This week Will and Ben review record ethanol and soy crush numbers and the wide swings in wheat prices. Market recap (changes on week as of Monday's close): » December 2024 corn down $.01 at $4.29 » December 2025 corn down $.04 at $4.41 » January 2025 soybeans down $.13 at $10.09 » November 2025 soybeans down $.19 at $10.26 » December soybean oil down 2.62 cents at 45.52 cents/lb » December soybean meal down $4.80 at $290.30/short ton » December 2024 wheat down $.18 at $5.47 » July 2025 wheat down $.17 at $5.81 » December 2024 cotton down 3.07 cents at 66.62 cents/lb » December 2025 cotton down 2.1 cents at 70.62 cents/lb » October WTI Crude Oil up $1.17 at $69.21/barrel Weekly highlights: Three sets of economic data released last week show that reductions in inflation growth have stalled presenting problems for the Federal Reserve. The CPI showed consumer prices up 2.6% on the year, the PPI showed producer prices up 2.4% year over year and retail sales increased 0.4% from September to October. US energy stocks were mixed on the week. US crude oil stocks were up 87.7 million gallons, while gasoline and distillate stocks were down 185.1 and 58.6 million gallons, respectively. Implied gasoline demand was up 6% week over week. US ethanol production surged again this week to a new weekly record 327 million gallons- up from 325 million gallons last week and exceeding the previous weekly record of 326 million gallons. Ethanol stocks were flat on the week. The National Oilseed Processors Association reported their members crushed 199.96 million bushels of soybeans in October- up from 177.3 in September and expectations of 196.8 million bushels. The volume is a new record for any month of the year. Open interest was up for everything except cotton this week- wheat (+1.4%), corn (+1.0%), soybean (+2.2%), soybean meal (+6.2%), and rough rice (+10.9%). Open interest for cotton fell week over week (-10.3%). Money managers were mixed on the commodities this week but across the entire complex turned their net short of -51,409 futures and options contracts into a small net long of 14,346 contracts. Managed money traders were large net buyers of 87,946 corn futures and options contracts. US export sales were mixed on the week. Grains sorghum, combined wheats and rice were all up week over week while everything else was down. Corn sales of 51.8 million bushels fell toward the bottom of pre-report expectations. US Crop Conditions: US winter wheat conditions continue to improve. The conditions index increased to 338 up from 326 last week and compares to 333 this time last year. A perfect score is 500. The percentage of the crop estimated at good to excellent increased to 49%- up from 44% last week and above the 46% expected. On a state-by-state basis, conditions were mixed across the country with no region showing clear gains or losses. Topics: » Market recap » Record ethanol production » Record soybean crush » Wheat market fluctuations » Inflation on the rise again » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #ethanol #soy

Potential ag policy changes leave questions for markets | Weekly Commodity Market Update cover art

Potential ag policy changes leave questions for markets | Weekly Commodity Market Update

This week Will and Ben look at shifting production numbers and the future of ag policy. Market recap (changes on week as of Monday's close): » December 2024 corn up $.14 at $4.30 » December 2025 corn up $.05 at $4.45 » January 2025 soybeans up $.25 at $10.22 » November 2025 soybeans up $.10 at $10.45 » December soybean oil up 2.58 cents at 48.14 cents/lb » December soybean meal down $4.50 at $299.60/short ton » December 2024 wheat up $.03 at $5.65 » July 2025 wheat down $.06 at $5.98 » December 2024 cotton down 0.24 cents at 69.69 cents/lb » December 2025 cotton flat at 72.72 cents/lb » October WTI Crude Oil down $3.68 at $68.04/barrel Weekly highlights: The Federal Reserve cut interest rates 25 basis points at their November meeting. The short-term borrowing rate is now in a range of 4.5-4.75 percent. US energy stocks were up across the board this week- crude oil up 90.3 million gallons, gasoline up 17.3 million gallons, distillate fuels up 123.8 million gallons and ethanol up 10.5 million gallons. Gasoline demand was up 4% week over week. US ethanol production surged to 325 million gallons produced on the week- up from 318 million the week prior and working closer to the record 326 million gallons in one week set back in July. USDA lowered corn yield 0.7 bushels per acre to 183.1 bushels per acre. Grain sorghum yields were increase 3.1 bushels per acre to 60.8. Soybean yields were lowered 1.4 bushels per acre to 51.7 bushels per acre and fell below all pre-report estimates. Rice and cotton yields were unchanged month over month. Open interest was up across the board this week: wheats (+4.7%), corn (+0.7%), soybeans (+1.0%), soybean oil (+7.1%), soybean meal (+1.2%), cotton (+1.6%) and rough rice (+19.5%). Money managers were net buyers of Chicago grains and oilseeds this week. Traders were net buyers of corn (39,746), soybeans (2,114), and soybean oil (26,179), more than offsetting the net sales in other commodities. US export sales of US grains and oilseeds were strong again this week. Corn sales of 108.9 million bushels exceeded all trade expectations. Soybean oil sales have heated up and also exceed all pre-report expectations. Soybean and wheat sales were down week over week but within trade expectations at 74.9 and 13.8 million bushels, respectfully. US Crop Conditions: US corn and soybean yields declined this month compared to October according to USDA. Corn is still estimated at a record yield of 183.1 bushels per acre. Most states saw some deterioration in corn yields- including Missouri that saw yield fall to 182 bushels per acre- down from 185 bushels per acre estimated previously. Even with the monthly decline- Missouri’s corn yield remains 19% better than 2023 due to better growing conditions. Topics: » Market recap » USDA production estimate adjustments (corn, soybeans, sorghum, cotton) » Potential shifts in ag trade policy » Farm Bill solution unlikely in near future » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #production #policy

Interest rate cuts and commodity supply and demand shakeup | Weekly Commodity Market Update cover art

Interest rate cuts and commodity supply and demand shakeup | Weekly Commodity Market Update

This week Will and Ben talk about another likely drop in interest rates and increases in export numbers. Market recap (changes on week as of Monday's close): » December 2024 corn up $.06 at $4.16 » December 2025 corn up $.01 at $4.40 » January 2025 soybeans up $.11 at $9.97 » November 2025 soybeans up $.14 at $10.35 » December soybean oil up 2.87 cents at 45.56 cents/lb » December soybean meal down $5.20 at $299.60/short ton » December 2024 wheat up $.10 at $5.68 » July 2025 wheat down $.12 at $6.04 » December 2024 cotton down 0.46 cents at 69.9 cents/lb » December 2025 cotton flat at 72.61 cents/lb » October WTI Crude Oil up $4.27 at $71.72/barrel Weekly highlights: The US economy grew at an annualized rate of 2.8% last quarter- down from 3.0% in the second quarter and down from 3.0% growth expectations. Personal consumption expenditures grew 3.7%-up from 2.8% in second quarter and well above the 3.0% growth expected. The Jobs Openings and Loss report estimated 7.443 million open jobs to end September- down from the end of August and below pre-report expectations of 7.9 million open jobs. Jobs quit rates fell to 1.9% in September, which is below the 2.3% prior to the 2020 pandemic. US energy stocks were down for crude oil, gasoline, and distillate fuels by 22, 114, and 41 million gallons, respectively week over week. US gasoline demand was also up 4% and is 5% stronger than this time last year. US ethanol production was just marginally higher on the week- extending the weekly increases to the fifth straight week. US ethanol stocks were down 19 million gallons on the week. The USDA September grain crushing report estimated 440 million bushels of corn used for ethanol- down from 480 in August, but above 424 last September. The USDA soybean crush report estimated 186.5 million bushels were crushed during September- down from expectations of 187.4 million bushels and below all trade expectations. Open interest was up for wheats (+1.2%), corn (+0.5%), soybean meal (+2.7%), and cotton (+1.1%), while being down for soybeans (-15.7%), soybean oil (-1.0%), and rough rice (-3.0%) Money managers traders were net buyers of corn (53,796) while sellers of all other commodities. Soybean oil (-3,122), soybean meal (-43,550) cotton (-4,455), soybeans (-12,652), wheats (-5,770) and rice (-367). After a very strong week of ag export sales last week- export sales of grains and oilseeds were all as expected, but down from the prior week for corn at 92.2 million bushels, grain sorghum at 0.2 million bushels and wheat at 15.1 million bushels. Soybeans were up week over week at 83.5 million bushels. Weekly grain and oilseed expectations were down week over week for corn, soybeans, and combined wheats, but up for grain sorghum and soft red winter wheat. Wheat inspections of 7.1 million bushels were below all pre-report trade expectations. Topics: » Market recap » Lowering interest rates » Export outlook continues to shift » USDA reports reshaping corn and soybean balance sheets » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #interestrates #supplyanddemand

U.S. energy production on the rise | Weekly Commodity Market Update cover art

U.S. energy production on the rise | Weekly Commodity Market Update

This week Will and Ben look under the hood of strong U.S. energy production numbers and its impact on ag markets. Chapters: 0:00 Introduction 2:25 Market recap 4:42 Energy production 10:37 Strong export numbers 13:41 International production snapshot 14:57 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.01 at $4.10 » December 2025 corn up $.02 at $4.39 » November 2024 soybeans down $.07 at $9.74 » November 2025 soybeans down $.04 at $10.21 » December soybean oil flat at 42.69 cents/lb » December soybean meal down $13.50 at $304.80/short ton » December 2024 wheat down $.14 at $5.58 » July 2025 wheat down $.12 at $5.97 » December 2024 cotton down 1.84 cents at 70.36 cents/lb » December 2025 cotton down 0.77 cents at 72.72 cents/lb » October WTI Crude Oil down $2.55 at $67.45/barrel Weekly highlights: US leading economic indicators came in a little lower than expected. The reading for September was down 0.5% vs expectations of being down 0.3% month over month. Housing data was mixed on the week. Sales of existing housing was down month over month, while sales of new homes were up nearly 30,000 units month over month and above expectations. US energy stocks were mixed on the week. Crude oil and gasoline stocks were up 230 and 37 million gallons, respectively- while distillate fuel stocks were down 48 million gallons and ethanol stocks were flat. Gasoline demand was up 2% on the week. US ethanol production increased for the fourth consecutive week to 318 million gallons- up from 306 million gallons last week and 306 million gallons last year. Ethanol profitability is expected to decline some over the next couple weeks. Open interest was up for wheats (+3.5%), corn (+6.5%), soybeans (+0.1%), soybean oil (+4.5%), soybean meal (+2.3%), cotton (+2.2%), and rough rice (+2.3%). Money managers traders were net buyers of corn (15,489) soybean oil (+13,711), soybean meal (+737) and cotton (+6,470) while being sellers of soybeans (-19,233), wheats (-2,061) and rice (-367). The USDA Cattle on Feed Report for October 1 showed all cattle on feed at 11.6 million head, nearly matching last year’s volume and just slightly ahead of the 99.7% average trade estimate. September marketings were 102% of last year and placements were 98.1% compared to estimated of 102% and 96%, respectively. Weekly export sales of US grains and oilseeds were relatively bullish on the week. Corn sales of 142 million bushels were above all pre-report estimates and the largest since April 2021. Soybean and wheat sales were strong at 79.1 and 19.6 million bushels, respectively. Cotton sales of 180,000 bales were the largest in nearly 2 months. Weekly grain and oilseed expectations were down week over week for corn, soybeans, milo, and combined wheats but still supportive. Shipments were 32.4 million bushels for corn, 88.0 million bushels for soybeans, 0.127 million bushels for milo, and 9.1 million bushels for combined wheats. Corn and soybean harvest is now 81% and 89% complete, respectively. Corn was slightly ahead of 80% expectations while soybeans was slightly behind the 91% expectations. Winter wheat planting was 80% complete on the week vs expectations of 83%. The winter wheat conditions ration is 38% good to excellent vs 47% estimated. Topics: » Market recap » Energy production » Strong export numbers » International production snapshot » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #energy #production

Crop sales sluggish as harvest speeds on | Weekly Commodity Market Update cover art

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. Chapters: 0:00 Introduction 1:04 Market recap 3:06 Wheat planting 5:38 Harvest updates 8:34 Export outlook 10:35 Strong soybean crush 12:18 Reports to watch 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 Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #crops #harvest

Crop markets lower across the board | Weekly Commodity Market Update cover art

Crop markets lower across the board | Weekly Commodity Market Update

This week Will and Ben dive into lower crop prices and grain sorghum export expectations. Chapters: 0:00 Introduction 1:10 Market recap 4:03 USDA Supply and Demand update 6:02 Grain sorghum exports and outlook 10:19 Inflationary pressure watch 12:35 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn down $.18 at $4.08 » December 2025 corn down $.13 at $4.42 » November 2024 soybeans down $.38 at $9.96 » November 2025 soybeans down $.33 at $10.47 » December soybean oil down 2.67 cents at 41.90 cents/lb » December soybean meal down $9.30 at $315.50/short ton » December 2024 wheat down $.07 at $5.85 » July 2025 wheat down $.13 at $6.24 » December 2024 cotton down 2.5 cents at 71.03 cents/lb » December 2025 cotton down .93 cents at 72.89 cents/lb » October WTI Crude Oil down $3.29 at $73.34/barrel Weekly highlights: The US Consumer Price Index (CPI) increased more than expected last month. Price for consumers increased 0.2% in September, matching August but above expectations of +0.1%. Annual CPI was up 2.4% compared to expectations it would fall to 2.3%. The US Producer Price Index (PPI) was flat month over month in September. The value was below an expected increase of 0.2% for the month. The annual value of 1.8% in September was up from 1.7% in the month prior and above expectations of 1.6%. US energy stocks were again mixed week over week. Crude oil stocks were up 244 million gallons while, gasoline, distillate and ethanol stocks were down 265, 131, and 55 million gallons, respectively. Implied gasoline use was up 13% on the week. US ethanol production increased again this week- up 7 million gallons to 305 million gallons. Ethanol profitability has fallen below the average experienced last year and close to the long run average. The October USDA report was slightly bearish to grain and oilseed markets. USDA increased the national average corn yield 0.2 bushels/acre to 183.8- the trade was expecting a small decrease. The national average soybean yield was lowered 0.1 bushels per acre matching expectations. Corn and soybean production and ending stocks for 2024/25 came in above expectations creating a bearish sentiment to the market. Open interest was up for wheats (+0.4%), corn (+0.3%), soybeans (+3.4%), soybean meal (+1.7%), cotton (+4.5%), and rough rice (+3.1%) while being down for soybean oil (-0.1%). Money managers are now net long the grains and oilseeds for the first time since September 5, 2023. Managed money traders were net buyers of everything except for soybean meal. Weekly export sales for grain and oilseeds were neutral on the week relatively to expectations but down week over week for corn, soybeans, milo, wheats, and cotton while up week over week for rice. Topics: » Market recap » USDA WASDE update » Grain sorghum exports » Grain sorghum outlook » Inflationary pressure watch » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #crops

Ag market rally flattens | Weekly Commodity Market Update cover art

Ag market rally flattens | Weekly Commodity Market Update

This week Will and Ben cover the impact of general market factors and upcoming USDA production estimates on crop prices. Chapters: 0:00 Introduction 0:56 Market recap 2:43 Macro data impacting ag markets 6:27 Traders re-enter market 8:04 Chinese corn imports projected to waiver 10:11 Split in expectations of upcoming USDA supply numbers 12:41 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.02 at $4.26 » December 2025 corn up $.01 at $4.55 » November 2024 soybeans down $.13 at $10.34 » November 2025 soybeans down $.14 at $10.80 » December soybean oil up 1.26 cents at 44.57 cents/lb » December soybean meal down $16.80 at $324.80/short ton » December 2024 wheat up $.08 at $5.92 » July 2025 wheat up $.16 at $6.37 » December 2024 cotton flat at 73.53 cents/lb » December 2025 cotton flat at 73.82 cents/lb » October WTI Crude Oil up $8.75 at $76.63/barrel Weekly highlights: The US economy is humming, or at least that was the message from the September employment report that showed job creation well above expectations, unemployment down, and hourly wages up. However, a disconnect between sentiment of the economy and the data seems to exist. StoneX’s October Customer Survey of US corn and soybean yield increased relative to September. Corn at 184.0 bushels per acre up from 182.9 in September. US soybean yield was estimated at 53.5 bushels per acre up from 53.0 in September. USDA is at 183.6 and 53.2 bushels per acre for corn and soybean yields, respectively. US energy stocks were mixed. Crude oil and gasoline stocks were up 163 and 47 million gallons while distillate and ethanol stocks were down 54 and 3 million gallons. Implied gasoline demand was down 7% week over week. US ethanol production rebounded to 298 million gallons produced on the week- up from 292 million gallons the week before and 297 million gallons. Open interest was up for wheats (+5.6%), corn (+3.8%), soybeans (3.5%), soybean meal (+5.2%), and cotton (+1.75), while down for rough rice (-1.6%) and soybean oil (-1.0%). Money managers were net buyers of futures and option contracts of Chicago wheats (+8,192), corn (+63,000), soybeans (+34,659), soybean meal (+44,950), and cotton (+5,402) but down for rough rice (-329). Weekly export sales for grain and oilseeds were supportive for the complex. Corn sales of 66.3 million bushels exceeded all pre-report expectations while soybean and wheat sales of 53 and 16.3 million bushels were at the top end of their respective ranges as well. US grain and oilseed export inspections were neutral for corn and wheat at 36.7 and 13.4 million bushels respectively, bullish for soybeans at 52.6 million bushels, and bearish for grain sorghum at 113,000 bushels. US corn conditions ratings of 64% good to excellent were unchanged on the week. Corn harvest is 30% complete. US soybean good to excellent ratings fell 1% point to 63% with harvest 47% complete. Over half of the US winter wheat area is now planted. US farmers planted 12% of the wheat acreage over the week. The US cotton crop is 26% harvested- up 3% on the week. The condition of the US cotton crop rated good to excellent increased 1% point after a large drop due to Hurricane Helene the week prior. Topics: » Market recap » Macro data impacting ag markets » Traders re-enter market » Chinese corn imports projected to waiver » Split in expectations of upcoming USDA supply numbers » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets

Ag markets continue rise ahead of port strike | Weekly Commodity Market Update cover art

Ag markets continue rise ahead of port strike | Weekly Commodity Market Update

This week Will and Ben look at the importance of U.S. port strikes and the impact of the farm bill's expiration. Chapters: 0:00 Introduction 0:57 Market recap 3:37 Port strike impacts 5:55 Farm bill expiration 11:05 Harvest progress 12:12 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.11 at $4.24 » December 2025 corn up $.04 at $4.54 » November 2024 soybeans up $.18 at $10.57 » November 2025 soybeans up $.15 at $10.94 » December soybean oil up 1.47 cents at 43.31 cents/lb » December soybean meal up $12.90 at $341.60/short ton » December 2024 wheat up $.02 at $5.84 » July 2025 wheat up $.04 at $6.21 » December 2024 cotton up 17 cents at 73.61 cents/lb » December 2025 cotton up 20 cents at 73.37 cents/lb » October WTI Crude Oil down $2.05 at $67.88/barrel Weekly highlights: US consumer confidence, as reported by the Conference Board, fell in September to a three-month low. Interestingly, a rival product, the University of Michigan Consumer Sentiment Index, showed an increase. Uncertainty in consumer confidence does not signal strong economic growth continuing. US energy stocks of crude oil, gasoline, distillate fuels, and ethanol were all down last week- by 188, 65, 96, and 11 million gallons, respectively. Weekly implied gasoline demand was up 5% week over week and 7% higher than the same week in 2023. US ethanol production pulled back again to 292 million gallons - down from 308 million gallons the week prior- this was the first week below 300 million gallons since early May. Ethanol exports have been a increasing use of US ethanol but have declined in September. August ethanol exports were up 25% from August 2023. As of September 1st there were 76.480 million hogs and pigs in the US- up 0.5% from last year, but more than the 0.2% expected. The breeding stock was down 2.2% compared to last year nearly matching expectations. Pig per litter were up 0.9% vs +1.1% expectations. Pigs per litter was a record for any quarter. Open interest in Chicago commodities were up week over week for wheats (+1.7%), corn (+2.0%), Soybean meal (+0.0%), and rough rice (+2.5%), while down for soybeans (-0.1%), soybean oil (-3.0%), and cotton (-0.5%). Money managers were net buyers of Chicago corn (+4,115 contracts), soybean (+47,437), soybean oil (+31,732), soybean meal (+18,501), cotton (+12,969) and rough rice (+882). It was a bearish week for grain export sales and rather neutral for oilseeds. Corn and wheat export sales of 21.1 and 5.8 million bushels, respectively were both below all pre-report expectations. There were no grain sorghum sales on the week. And rice exports sales of 1.2 million hundredweights was down from last weeks volume of 1.8 million hundredweights. Soybean sales of 57.9 million bushels were in the middle of expectations but down from the 64.2 million bushels the week prior. Cotton sales were also down on the week. US grain and oilseed export inspections were neutral on the week- corn shipments of 44.9 million bushels were on the top end of expectations and milo of 7.1 was the largest volume in a month- while soybeans of 24.8 and wheats of 19.7 were in the middle of expectations. September 1st Grain Stocks Report was largely as expected. The report indicated corn stocks of 1.760 billion bushels- down 84 million from pre-report expectations and 52 million below the September WASDE ending stocks estimate. Soybean ending stocks at 342 million and wheat ending stocks of 1.986 million were both just slight off pre-report expectations. US corn conditions ratings fell 1 percentage point to 64% good to excellent as expected. The crop is 21% harvested- matching the same pace last year. US soybean ratings were unchanged at 64% good to excellent this week as expected. Harvest is 26% complete, ahead of 20% last year and 18% on average. Winter wheat is 39% planted- up 1 percentage point higher than expected and slightly ahead of average for the comparable week. US cotton is 20% harvested and 31% of the crop is rated good to excellent- down from 37% last week. Topics: » Market recap » Port strike impacts » Hurricane logistical challenges » Farm bill expiration » Harvest progress » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #strike

Fed cuts interest rates, fuel prices drop | Weekly Commodity Market Update cover art

Fed cuts interest rates, fuel prices drop | Weekly Commodity Market Update

This week Will and Ben cover the Fed's interest rate cut, falling fuel prices, preview USDA's September grain stocks report and more. Chapters: 0:00 Introduction 0:48 Market recap 2:41 Interest rate cut 5:56 Drop in energy prices 8:51 Grain Stocks report preview 13:45 Major U.S. port worker strike pending and other reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.03 at $4.13 » December 2025 corn up $.02 at $4.50 » November 2024 soybeans up $.35 at $10.39 » November 2025 soybeans up $.22 at $10.79 » December soybean oil down 2.73 cents at 41.84 cents/lb » December soybean meal up $4.90 at $328.70/short ton » December 2024 wheat up $.04 at $5.82 » July 2025 wheat up $.04 at $6.17 » December 2024 cotton up 62 cents at 73.44 cents/lb » December 2025 cotton up 63 cents at 73.07 cents/lb » October WTI Crude Oil up $0.91 at $69.93/barrel Weekly highlights: The Federal Reserve cut their short-term interest rate for the first time since March 2020 by 50 basis point. The target rate is now 4.75-5.00 percent. US energy stocks were mixed last week- down 68 million gallons for crude oil stocks, but slightly up (basically flat) for gasoline stocks, distillate fuels and ethanol stocks. Gasoline demand was up 4% on the week and from the same week the previous year. US ethanol production pulled back to 308 million gallons- down from 318 million gallons the week prior but up from 288 million gallons produced during the week last year. Cumulative corn used for ethanol is up 11 million bushels from the year prior. US Cattle on Feed as of September 1, were estimated at 11.198 million head- 100.6% of last year. The trade was estimating 100.9%. Placements of 98.6% were down from the 99.0% expected while marketing were also down 96.4% compared to 96.6% expected. Open interest in Chicago commodities were up week over week for corn (4.9%), soybeans (+2.3%), soybean oil (+2.8%), soybean meal (1.6%), and cotton (+2.0%), while down for wheats (-0.3%) and rough rice (-3.3%). Money managers were net buyers of Chicago wheats (+5,388 contracts), soybeans (+8,186 contracts), soybean meal (+2,710 contracts), cotton (+18,974 contracts) and rough rice (+372). They were net sellers of corn (-2,680) and soybean oil (-2,971 contracts). It was a mixed week for export sales of grains and oilseeds. Corn sales of 33.4 million bushels were a little bearish by being quite a bit below the volumes we had been experiencing, soybean sales of 64.2 million bushels exceeded all expectations, while wheat sales of 9.1 million bushels fell below all expectations. There were large sales of soybean oil to Mexico and Canada. If they actually get shipped this marketing year- the current soybean oil export estimate is too low. US grain and oilseed export inspections were bullish on the week. Corn, soybeans, milo, and combined wheats were all up week over week. Corn and wheat shipments of 43.4 and 26.1 million bushels, respectively, exceeded all pre-report expectations. US corn conditions ratings remained at 65% good to excellent across the US last week- with the trade anticipating a 1%-point decline. Corn harvest is 14%- a little slower than the 17% expected. US soybean ratings were also unchanged at 64% good to excellent this week- with the trade anticipating a 1%-point decline for soybeans as well. Soybean harvest is 13% complete matching expectations. Topics: » Market recap » Interest rate cut » Drop in energy prices » Grain Stocks report preview » Major U.S. port worker strike pending » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #federalreserve #interestrates #fuelprices

Strong USDA corn yield estimate weakens corn market | Weekly Commodity Market Update cover art

Strong USDA corn yield estimate weakens corn market | Weekly Commodity Market Update

This week Will and Ben look at what USDA's strong corn production estimates mean for the market. Chapters: 0:00 Introduction 0:41 Market recap 2:37 September crop supply and demand 5:29 Managing an operation during low prices 6:51 Soybean crush drops to three-year low 9:51 Federal Reserve to meet over interest rates 12:33 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.03 at $4.10 » December 2025 corn up $.03 at $4.48 » November 2024 soybeans down $.14 at $10.04 » November 2025 soybeans down $.06 at $10.57 » December soybean oil down 1.37 cents at 39.11 cents/lb » December soybean meal up $1.20 at $323.80/short ton » December 2024 wheat up $.10 at $5.78 » July 2025 wheat up $.09 at $6.13 » December 2024 cotton up 5.13 cents at 72.82 cents/lb » December 2025 cotton up 2.09 cents at 72.44 cents/lb » October WTI Crude Oil up $1.25 at $70.10/barrel Weekly highlights: The Consumer Price Index (2.5%) and the Producer Price Index (1.7%) had annual changes that both came in below levels experienced in July and analyst pre-report expectations. US energy stocks were up across the board last week as crude oil, gasoline, distillate fuel, and ethanol stocks increased 35, 97, 97 and 15 million gallons, respectively. Implied gasoline use fell 5% on the week. US ethanol production increased 5 millin gallons to 318 million gallons on the week- compared to 305 million gallons last year and 283 million gallons in 2022. Ethanol profitability remains supportive of relatively high crush margins. The September WASDE Report showed a larger US corn yield at 183.6 bushels per acre, a higher sorghum yield at 57.4 bushels per acre, a lower cotton yield at 807 pounds per acre, lower rice yield at 7,588 pounds per acre, and flat soybean and wheat yields at 53.2 and 52.2 bushels per acre, respectively. Global soybean stocks continue to be burdensome. Open interest in Chicago commodities was down for wheats (-3.8%) and soybean meal (-0.8%), while up for corn (+0.6%), soybean (+1.7%), soybean oil (+1.0%), cotton (+1.3%), and rough rice (2.5%). Money managers were net buyers of Chicago wheats (+21,954 contracts), corn (+44,077 contracts), soybeans (+23,495 contracts), soybean meal (+13,877 contracts), and rough rice (+376). They were net sellers of soybean oil (-90 contracts) and cotton (-6,827). The new marketing year has started for corn, grain sorghum and soybeans with export sales for the first week of the marketing year reported at 26.2, 2.8 and 54.2 million bushels, respectively. Maybe most notable in the data were US soybean export sales to Argentina. US Crop Conditions: There are some chances of precipitation across the country this coming weekend and in the Atlantic Coast states, but unfortunately the broader region remains hotter than normal. The corn crop seems to be getting bigger as harvest rolls along. The lack of precipitation and hotter than normal temperatures had many thinking that weekly corn conditions ratings would deteriorate on the week. Instead corn ratings increased one percentage point. It is likely that producers are finding yields on their yield monitors and the conversation has influenced condition’s reporters that the crop is better than originally reported. This is bearish to the corn market in the short run. US grain and oilseed export inspections were neutral. Corn shipments of 26.5, grain sorghum shipments of 2.6, and soybean shipments of 14.7 million bushels were all within expectations but below recent volumes. Wheat shipments of 20.5 million bushels were slightly higher than recent volumes. The National Oilseed Processors Association reported their members crushed 158.0 million bushels of soybeans in August- well below all trade estimates and the lowest monthly volume since September 2021. US corn conditions ratings were 1 percentage point higher on the week to 65% good to excellent when the expectation was for a 1 percentage point decline. Corn harvest is 9% completed compared to 5% this time last year. US soybean conditions rating was 1 point lower- matching expectations. Soybean harvest is 6% complete as of Sunday. Topics: » Market recap » September crop supply and demand » Soybean crush drops to three-year low » Managing an operation during low prices » Federal Reserve to meet over interest rates » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #usda #yield #corn

Farm income estimates pinch growers | Weekly Commodity Market Update cover art

Farm income estimates pinch growers | Weekly Commodity Market Update

This week Will and Ben discuss what farm income estimates mean for growers. Chapters: 0:00 Introduction 1:10 Market recap 3:30 Strong private yield estimates 5:49 Estimated farm income 8:38 Soybean crush numbers and ethanol production 10:31 Reports to watch Market recap (changes on week as of Monday's close): » December 2024 corn up $.06 at $4.07 » December 2025 corn up $.07 at $4.45 » November 2024 soybeans up $.18 at $10.18 » November 2025 soybeans up $.18 at $10.63 » December soybean oil up 1.51 cents at 40.48 cents/lb » December soybean meal up $11.90 at $325.00/short ton » December 2024 wheat up $.16 at $5.68 » July 2025 wheat up $.13 at $6.04 » October cotton down 1.61 cents at 67.54 cents/lb » December cotton down 2.23 cents at 67.69 cents/lb » October WTI Crude Oil down $4.98 at $68.85/barrel Weekly highlights: The US economy added 142,000 jobs in August- below expectations of 161,000 jobs. The US unemployment rate ticked lower to 4.2% from 4.3% and the annual wage rate increased 3.8%- up from 3.6% in July and 3.7% expectations. Allendale estimated US corn and soybean yields at 182.5 and 53.33 bushels per acre, respectively. Stone X increased their 2024 US corn and soybean yield estimates in September from August to 182.9 and 53 bushels per acre respectively. US stocks of crude oil were again down week over week by 289 million gallons. while distillate stocks were also down 16 million gallons. Gasoline stocks increased 36 million gallons. US ethanol production pulled back again this week to 312 million gallons- down from 315 million gallons the week prior, but remains above the 291 in 2022 and 298 in 2023. Ethanol stocks were down 9 million gallons on the week but are 8% higher than the same period last year. Soybeans crush for July came in at 193.5 million bushels- above the pre-report estimate of 192.1 million bushels and 183.7 million bushels in June and 184.8 in July 2023. Corn crushed for ethanol in July was pegged at 474 million bushels- up from 446 in June and 455 last July. The US Department of Agriculture released an update on Net Farm Income and Net Cash Farm Income last week showing better than previously reported income for 2024 but lower 2023 income. At 154.1 billion dollars, net cash farm income for 2024 is above the 20-year average by 6.2% Open interest in Chicago commodities was down for wheats (-0.9%), Corn (-4.2%), and soybean meal (-1.0%). Open interest was flat for soybean oil (-0.001%) and up for soybean (+1.1%), Cotton (+1.6%), and Rough Rice (+6.5%). Managed money traders were net buyers on the week of everything but rough rice covering some of their short positions. Traders bought 65,697, 18,343, and 22,455 contracts of corn, wheats, and soybeans respectively. Traders were buyers of 2,643 contracts of cotton but seller of 267 contracts of rough rice. The 2023/24 marketing year is just over for corn, sorghum and soybeans which means large cancelations or rolls to the next year and that’s what we got this week. 2024/25 sales were strong at 71.7, and 60.9 million bushels for corn and soybeans respectively. Wheat sales at 12.5 million bushels were toward the bottom of expectations. US grain and oilseed export inspections were neutral to slightly bearish on the week. Corn, soybean, milo, and wheat export inspections for week ending September 5 of 32.9, 13.0, 0.1, and 21.6 million bushels, respectively, were all down week over week. US corn conditions ratings were 1 percentage point lower on the week to 64% good to excellent. US soybean ratings were steady at 65% good to excellent. 6% of the US winter wheat crop is planted at this point. Topics: » Market recap » Strong private yield estimates » Estimated farm income » Soybean crush numbers » Ethanol production » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #farming #income #estimates

Trade expectations in the new marketing year | Weekly Commodity Market Update cover art

Trade expectations in the new marketing year | Weekly Commodity Market Update

This week Will and Ben talk expectations for U.S. ag exports for the new marketing year. Chapters: 0:00 Introduction 1:24 Market recap 2:26 Post-holiday crop market rally 3:45 Review of 2023-2024 exports 7:50 A fresh marketing year look 11:08 What to watch this harvest Market recap (changes on week as of Monday's close): » December 2024 corn up $.15 at $4.01 » December 2025 corn up $.08 at $4.38 » November 2024 soybeans up $.20 at $10.00 » November 2025 soybeans up $.15 at $10.45 » December soybean oil up 1.24 cents at 41.99 cents/lb » December soybean meal up $4.90 at $313.10/short ton » December 2024 wheat up $.27 at $5.52 » July 2025 wheat up $.28 at $5.91 » October cotton down 1.43 cents at 69.15 cents/lb » December cotton down 0.34 cents at 69.92 cents/lb » October WTI Crude Oil down $3.59 at $73.83/barrel Weekly highlights: US Consumer confidence climbed to a six-month high of 103.3 blowing past expectations of a slight rise to 101. US stocks of crude oil and gasoline were again down week over week by 36 and 92 million gallons respectively, while distillate stocks were up 12 million gallons. US ethanol production pulled back to 315 million gallons- down from 323 million gallons the week prior, but remains above the 285 in 2022 and 296 in 2023. Ethanol stocks were flat on the wek but are 9% higher than the same period last year. The US ag trade deficit is expected to grow to 42.5 billion dollars up from a revised 30.5 billion dollars in 2024. Exports to China are expected to decline $3 billion to $24 billion. In 2023, China bought nearly $34 billion in US ag products. For 2023/24 ag export sales there were 600,00 bushels of corn sales and negative soybean sales of 5.3 million bushels. Both were within expectations but soybeans as on the low end. Sales for 2024/25 were 58.8 million bushels of corn, 96.1 million bushels of soybeans and 19.6 million bushels of wheats. All up week over week and above the recent four-week averages. With the last full week in the 2023/24 corn, milo and soybean marketing year, ag export inspections were bullish on the week. Corn, soybeans, milo and wheat export inspections were all up week over week and toward top end of expectations. US Crop Conditions: It was dry in parts of the Corn Belt. Out of 132 total years of data- Northwest Iowa ranked 120 driest. Parts of Western Tennessee were one off from being the driest August in the last 132 years. One of the reasons crop conditions have remained at or above the five-year average is because it the seasonally mild temperatures. Topics: » Market recap » Post-holiday crop market rally » Review of 2023-2024 exports » A fresh marketing year look » Harvest markets » What to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #trade #marketing

Marketing vs. storing this harvest | Weekly Commodity Market Update cover art

Marketing vs. storing this harvest | Weekly Commodity Market Update

This week Will and Ben discuss the outlook for harvest time grain marketing decisions. Chapters: 0:00 Introduction 1:23 Market recap 4:29 Storing vs. marketing grain 9:56 Operating below breakeven 12:18 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.16 at $3.62 » December 2024 corn down $.14 at $3.86 » September 2024 soybeans up $.03 at $9.59 » November 2024 soybeans up $.04 at $9.80 » September soybean oil up 1.23 cents at 41.70 cents/lb » September soybean meal flat at $312.10/short ton » September 2024 wheat down $.30 at $4.98 » July 2025 wheat down $.26 at $5.63 » October cotton up 2.60 cents at 70.58 cents/lb » December cotton up 1.58 cents at 70.26 cents/lb » September WTI Crude Oil up $2.77 at $77.14/barrel Weekly highlights: Fed Chair Jerome Powell announced that “the time has come for policy to adjust”. The markets were pleased, and the Dow Jones has largely returned to near record levels. US energy stocks were down across the board last week. US crude oil minus the strategic petroleum reserve, gasoline and distillate fuels were down 195, 67, and 139 million gallons respectively. Implied gasoline demand was up 2% week over week. US ethanol production increased to 323 million gallons compared to 315 million gallons the week prior and 308 and 286 million gallons on average. Ethanol stocks increased just slightly by 9 million gallons. Open interest in Chicago commodities was up for Chicago wheats (+0.1%) and soybean oil (+3.0%) while down for corn (-1.7%), soybeans (-2.6%), soybean meal (-1.3%), cotton (-1.3%), and rough rice (-2.7%). Managed money futures and options positions saw further selling to increase net shorts in corn and soybeans by 8,889 and 8,311 net positions, respectively. They were net buyers of wheats by 17,808 to reduce the net short. Cattle on Feed as of August 1 was reported at 11.095 million head- or 100.3% of last year. The estimate was slightly ahead of the 100.0% trade estimate. Placements of 105.8% were above the 103.2% trade estimate with marketings of 107.7% slightly below the 108.1% expectation. US Grain and Oilseed export sales for 2023/24 corn, soybeans, and sorghum were bearish. Corn sales of 4.7 million bushels again this week matched a marketing year low. Soybean had negative net export sales of -1.6 million bushels. Export sales for 2024/25 were strong for corn and soybeans at and 50.8 and 61.6 million bushels. Cotton and rice sales were minimal at 0.1 million bales and 0.4 million cwt, respectively. US grain and oilseed exports were up week over week for soybeans, grain sorghum, and wheats while down week over week for corn. Everything was within expectations. The Canada Industrial Relations Board ordered an end to the Canadian railway strike Saturday bringing back CPKC workers after CN employees reached an agreement last week. The Pro Farmer tour estimated US corn and soybean yields at 181.1 and 54.9 bushels/ acre, respectively. These compare to 172 and 49.7 bushels per acre in 2023. US corn conditions dropped two good to excellent points on the week to 65%. The trade was expecting a 1 percentage point decline. US soybean ratings at 67% good to excellent were down 1 point on the week as expected. US cotton conditions decreased 2 points to 40% good to excellent compared to 33 this time last year. The spring wheat crop decreased 4 points to 69% and 3% below expectations. Topics: » Market recap » Storing vs. marketing grain » Operating below breakeven » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #marketing #storage #harvest

Logistical concerns impacting North American ag | Weekly Commodity Market Update cover art

Logistical concerns impacting North American ag | Weekly Commodity Market Update

This week Will and Ben analyze the impacts of two major logistic hurdles to North American agriculture. Chapters: 0:00 Introduction 1:00 Market recap 2:28 Pro Farmers crop tour 3:39 Canadian rail strike potential 6:05 Low Mississippi River levels 8:21 Record soybean crush 10:25 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.05 at $3.78 » December 2024 corn down $.01 at $4.00 » September 2024 soybeans down $.15 at $9.56 » November 2024 soybeans down $.10 at $9.76 » September soybean oil down 1.01 cents at 40.47 cents/lb » September soybean meal up $5.70 at $311.70/short ton » September 2024 wheat down $.08 at $5.28 » July 2025 wheat down $.07 at $5.89 » October cotton down 0.31 cents at 67.98 cents/lb » December cotton down 0.39 cents at 68.68 cents/lb » September WTI Crude Oil down $5.29 at $74.37/barrel Weekly highlights: Last week’s economic data showed that annualized inflations continue to slow but there were month over month gains, US retail sales remain strong, housing starts slowed, and consumer sentiment increased. US crude oil stocks increased 57 million gallons on the week -all other energy stocks were lower, gasoline, distillate and ethanol stocks were down 122, 70 and 17 million gallons respectively. Gasoline demand increased 1% week over week and is up 2% from the same week last year. US ethanol production increased slightly to 315 million gallons- up from 314 million the week prior and the year prior. The National Oilseed Processors Association (NOPA) reported their members crushed 182.9 million bushels of soybeans in July- a record for July. With one month to go- cumulative crush is up 5% year over year compared to USDA estimate of 3.5% growth. Open interest in Chicago commodities was up for corn (1.1%), soybeans (8.2%), soybean oil (2.4%), soybean meal (5.0%), cotton (1.4%), and rough rice (3.2%) while down for Chicago wheats (-4.2%). Managed money futures and options positions increased their net short positions having net sales of 50,258 contracts across the grains and oilseeds. Money managers sold off 41,230 net positions of soybean meal contracts- the largest single week decline. Money managers were also net sellers of corn (-6,462), soybeans (5,431), and soybean oil (-1,004). They were net buyers of Chicago wheats (1,258), cotton (2,570), and rough rice (41). US Grain and Oilseed export sales for 2023/24 corn, soybeans, and sorghum were bearish. Corn sales of 4.7 million bushels was a marketing year low. Export sales for 2024/25 were strong for soybeans at 49.4 million bushels while bearish for all wheat and cotton at -2.5 million bushels and 0.1 million bales respectively. US grain and oilseed export inspections were neutral to bullish on the week with corn, soybeans, and grain sorghum all up week over week and near the top of expectations. Wheat exports of 12.8 million bushels were half what they were the week before and on the low end of expectations. US corn and soybean conditions ratings were unchanged on the week and matched expectations at 67% and 68% respectively. US cotton conditions decreased 4 points to 42% good to excellent. The spring wheat crop increased 1% to 73% when expectations were for it to fall 1%. Topics: » Market recap » Pro Farmers crop tour » Canadian rail strike potential » Low Mississippi River levels » Record soybean crush » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #logistics

Soybean markets have a tough road to go | Weekly Commodity Market Update cover art

Soybean markets have a tough road to go | Weekly Commodity Market Update

This week Will and Ben breakdown the path forward for soybean markets and take a look at shifting wheat and cotton numbers. Chapters: 0:00 Introduction 1:02 Market recap 3:44 Soybean outlook and August WASDE breakdown 6:25 Corn and soybean eye test 7:55 Wheat and cotton path forward 10:40 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.07 at $3.83 » December 2024 corn down $.06 at $4.01 » September 2024 soybeans down $.60 at $9.71 » November 2024 soybeans down $.54 at $9.86 » September soybean oil up .39 cents at 41.48 cents/lb » September soybean meal down $32.70 at $306.00/short ton » September 2024 wheat down $.03 at $5.36 » July 2025 wheat down $.05 at $5.96 » October cotton up 1.74 cents at 68.29 cents/lb » December cotton up 1.29 cents at 69.07 cents/lb » September WTI Crude Oil up $6.49 at $79.66/barrel Weekly highlights: US energy stocks were mixed on the week with crude oil and ethanol stocks down while gasoline and distillate fuel stocks were up. Gasoline demand for the week was down 3% and concerns about the macroeconomic outlook weighed on demand expectations and prices. US ethanol production decreased from an all time weekly record of 326 million gallons to 314 million gallons last week. This compares to 301 million gallons for the same week last year. Open interest in Chicago commodities was up for wheats (+1.5%), soybeans (+2.0%), soybean meal (+1.6%), and cotton (+1.0%) while down for corn (-0.4%), soybean oil (-1.1%), and rice (-3%). Collectively across the grains and oilseeds, managed money futures and options positions reduced their record relatively large net short by 58,932 contracts- the largest reduction since Mid-May. Chicago wheats, corn, soybeans, soybean meal and rice were all net buyers only partially offset with further selling in cotton and soybean oil. Farmer selling of corn contracts continued as producers and merchants reduced their net long all the way to a net short position of -11,457 contracts. Producers and merchants remain net long in soybeans but reduced their position there as well. US grain and oilseed export inspections were supportive on the week. 2023/24 corn and soybean sales of 19.1 and 12 million bushels, respectively were above all pre-report expectations. 2024/25 soybean sales of 36 million bushels were a marketing year high. Cotton and rice have concluded their 2023/24 marketing year. Weekly grain and oilseed export inspections were mixed. Corn shipments of 38.4 million bushels were down relative to recent volumes. Soybean shipments of 12.0 USDA released their August supply and demand estimates on Monday. US corn and soybean production was larger as expected. Corn and 183.1 bushels per acre and soybeans at 53.2 bushels per acre were both higher than USDA July and pre-report trade estimates. Global soybean supplies increased 6.54 million metric tons- above the most bearish pre-report trade estimate. USDA lowered US sorghum yields 16.3 bushels per acre in August. Cotton harvested acreage was lowered 1.04 million acres However, even with lower ending stocks the season average price fell 2 cents per pound to $0.66. US corn conditions remained unchanged at 67% good to excellent on the week (trade was expecting a 1%-point decline). US soybean conditions also remained unchanged at 68% good to excellent with the trade expecting a one-point decline. US cotton conditions increased one point to 46% good to excellent. The spring wheat crop fell to 72% good to excellent and compares to 42% last year. Topics: » Market recap » Soybean outlook » August WASDE breakdown » Corn, soybean eye test » Wheat, cotton path forward » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #soybeans

Private U.S. corn, soybean production estimates come in strong | Weekly Commodity Market Update cover art

Private U.S. corn, soybean production estimates come in strong | Weekly Commodity Market Update

This week Will and Ben breakdown private corn and soybean estimates and talk corn exports. Chapters: 0:00 Introduction 1:00 Market recap 2:45 Corn, soybean production estimates 7:31 Corn export inspections seasonally high 10:05 Roadmap for selling more corn to China 11:53 FED tracking for September interest rate cut 14:28 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.06 at $3.90 » December 2024 corn down $.05 at $4.07 » September 2024 soybeans up $.01 at $10.31 » November 2024 soybeans up $.2901 at $10.40 » September soybean oil down 1.49 cents at 41.09 cents/lb » September soybean meal up $3.70 at $338.70/short ton » September 2024 wheat down $.08 at $5.39 » July 2025 wheat up $.09 at $6.01 » October cotton down .96 cents at 66.55 cents/lb » December cotton down 1.43 cents at 67.78 cents/lb » September WTI Crude Oil down $1.59 at $73.17/barrel Weekly highlights: The Federal Reserve Open Market Committee held their short-term interest rate target steady at 5.25-5.50% as expected while signaling a potential for a cut in September. Jerome Powell’s press conference afterward was more dovish than the committee statement. The US economy added 114,000 jobs in July- down sharply from expectations of 185,000 and down from 179,000 last month. The US unemployment rate jumped to 4.3% up from 4.1% last month. US energy stocks were mostly lower week over week. Stocks were down for crude oil and gasoline 144 and 154 million gallons, respectively. For crude oil, stocks fell nearly 1.16 billion gallons in July (-6%). Weekly implied gasoline was down week over week 2%. US ethanol production increased to an all-time record of 36 million gallons- up 4 million gallons week over week and exclipsing the previous record set in Dec 2017. Ethanol stocks increased just slightly on the week on higher production and lower demand. Open interest in Chicago commodities was up 1.2% for Chicago wheats, 2.3% and for Cotton 1.5%, everything else was down- corn at -3.9%, soybeans (-6.7%), soybean oil (-4.1%), Soybean meal (-5.1%), and rough rice (-7.4%). Collectively across the grains and oilseeds, managed money futures and options positions reduced their record net short by another 9,290 positions. However, money managers did buy reduce their large net shorts of corn 23,453 positions. They increased their short in soybeans 14,932 net positions. Both corn and soybeans are still the fourth and second largest net shorts in history, respectively. Farmer selling of corn contracts continued as producers and merchants reduced their net long 27.6%. However, there was a sharp increase in long positions held for soybeans by producers and merchants at a 53.7% increase. US grain and oilseed export sales were mixed. 2023/24 sales were bearish for corn at 6.6 million bushels, bullish for soybeans at 13.9 million bushels and slightly bearish for wheats in the old crop marketing year. Cotton and rice markets saw net cancelations at the end of their respective marketing years. New crop sales were supportive. Weekly grain and oilseed export inspections were neutral to bullish on the week. Corn export inspections of 47.8 million bushels were above all expectations and seasonally strong. Sorghum shipments of 6.8 million bushels were strong. Soybean and wheat shipments were as expected. StoneX was the first private firm out of the gate with 2024 corn and soybean yield and production estimates. They pegged US corn at 182.3 bushels to the acre with a production of 15,207 million bushels compared to USDA in July at 15.100 million bushels. US soybean estimates were 52.6 bushels/acre with production at 4,483 million bushels compared to USDA at 4,435 million bushels. US corn conditions fell 1% on the week to 67% good to excellent after increasing 1% last week. The average for this time of year is 62%. National soybean ratings increased 1% to 68% and compares to 60% on average. US cotton conditions decreased to 45% good to excellent- down from 49% last week and 53% the week before that. The composite dropped to 314 and compares to 328 on average. Topics: » Market recap » Corn, soybean production estimates » Corn export inspections seasonally high » Roadmap for selling more corn to China » FED tracking for September interest rate cut » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #corn #soybeans #production

General economic factors swaying ag markets | Weekly Commodity Market Update cover art

General economic factors swaying ag markets | Weekly Commodity Market Update

Will and Ben look at several economic factors influencing ag markets, and a potential spark in wheat markets. Chapters: 0:00 Introduction 0:58 Market recap 3:06 EPA to reassess SREs 5:41 GDP shows strong increase 7:31 Personal expenditures rise 8:25 Crop conditions continue improvement 14:08 Wheat markets discussion Market recap (changes on week as of Monday's close): » September 2024 corn down $.04 at $3.96 » December 2024 corn down $.03 at $4.12 » September 2024 soybeans down $.34 at $10.30 » November 2024 soybeans down $.29 at $10.39 » September soybean oil down 3.64 cents at 42.58 cents/lb » September soybean meal up $9.20 at $335.00/short ton » September 2024 wheat down $.17 at $5.31 » July 2025 wheat down $.16 at $5.92 » October cotton down 2.53 cents at 67.51 cents/lb » December cotton down 1.46 cents at 69.21 cents/lb » September WTI Crude Oil down $3.65 at $74.76/barrel Weekly highlights: The US economy grew by 2.8% in Q2 2024, up from 1.4% in Q1 and surpassing expectations of 2.1%, driven by strong consumer spending. The PCE Price Index showed a slight monthly increase (+0.1%), with annualized inflation easing to 2.5% from 2.6% in May. US crude oil, gasoline, and distillate fuel stocks decreased, while implied gasoline demand rose 8%. Ethanol production declined by 3 million gallons to 322 million gallons. Ethanol producers must maintain high production levels to meet corn usage estimates. A US court sent a 2022 EPA ruling on refinery waivers back for review, creating uncertainty in the RIN market. Open interest rose for corn (+1.5%), wheat (+0.6%), soybean oil (+3.8%), cotton (+3.5%), and rough rice (+11.9%), but fell for soybeans (-0.8%) and soybean meal (-0.1%). Managed money reduced net short positions in grains and oilseeds by 20,677, with significant buying in corn, soybeans, and wheat. Net selling continued in cotton and rough rice. Corn and soybean selling increased, with net long positions reduced by 38.2% and 39.0%, respectively. The Spring Wheat Tour estimated 2024 HRS wheat yield at 54.5 bushels/acre, up from 47.4 last year, with increases in durum and HRW as well. Weak sales for old crop US grains and oilseeds; strong new crop sales for corn and soybeans. Corn export sales hit a marketing year high, while soybeans fell below expectations. Export inspections were near the high end of expectations for corn, soybeans, and wheat; sorghum inspections slightly down. US corn conditions improved to 68% good to excellent, while soybean ratings fell to 67%. Cotton conditions declined to 49%, and spring wheat dropped to 74%. Topics: » Market recap » EPA to reassess SREs » GDP shows strong increase » Personal expenditures rise » Crop conditions continue improvement » Wheat markets discussion Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @BrownfieldAgNews » Follow Brownfield on X (Twitter): https://x.com/brownfield » Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNews #agriculture #news #markets #economy

U.S. exports, ethanol production build | Weekly Commodity Market Update cover art

U.S. exports, ethanol production build | Weekly Commodity Market Update

This week Will and Ben breakdown the future role of U.S. crops in the Chinese export market. Chapters: 0:00 Introduction 1:03 Market recap 2:18 Soybean outlook 3:42 Chinese exports 6:25 Brazilian competition 8:50 Strong ethanol production 11:31 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn up $.10 at $4.00 » December 2024 corn up $.11 at $4.15 » September 2024 soybeans up $.31 at $10.64 » November 2024 soybeans up $.28 at $10.68 » September soybean oil flat 2.8 cents at 46.22 cents/lb » September soybean meal up $11.70 at $325.80/short ton » September 2024 wheat up $.16 at $5.48 » July 2025 wheat up $.31 at $6.08 » October cotton down .82 cents at 70.04 cents/lb » December cotton down 1.77 cents at 70.67 cents/lb » September WTI Crude Oil down $2.53 at $78.41/barrel Weekly highlights: This week’s energy report showed lower crude oil stocks with higher gasoline and distillate fuel stocks. US ethanol production increased sharply to 325 million gallons on the week, just 1 million gallons below the all-time weekly record. Ethanol stocks decreased 18.6 million gallons despite the near record production. The July 1st cattle on feed report show all US cattle on feed at 100.5% compared to last year- below the average trade estimate of 101.1%. Cattle placements of 93.2% were well below the 97.2% expected with marketings at 91.3% just slightly lower than the 91.7% expected. Collectively across the grains and oilseeds, managed money futures and options positions continue to build on a record net short position. Traders reduced their record net short corn positions 10,587 contracts while expanding the net short in soybeans to -185,750 contracts- a record. Weekly export sales of US grains and oilseeds were mixed to disappointing. Corn sales for 2023/24 of 17.2 million bushels were bearish below all expectations. Soybean sales of 1.3 million were in the middle while all wheat sales of 21.3 million were at the top end of the range. Weekly grain and oilseed export inspections were neutral for corn at 38.2 million bushels, soybeans at 12 million, and grain sorghum at 2.7 million, but bearish for combined wheats at 8.7 million bushels. SRW, HRS, and White wheats were all sharply lower than recent volumes. US corn conditions declined one point on the week to 68% good to excellent while national soybean ratings remained unchanged at 68%. The trade was expecting unchanged conditions on the week. US cotton conditions increased to 53% good to excellent- up from 45% last week. The composite jumped to 339 and compares to 333 on average. The spring wheat crop was unchanged at 77% good to excellent compared to 49% last year and 54% on average. Topics: » Market recap » Soybean outlook » Chinese exports » Brazilian competition » Strong ethanol production » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #exports #ethanol #production

July USDA supply and demand report levees surprises | Weekly Commodity Market Update cover art

July USDA supply and demand report levees surprises | Weekly Commodity Market Update

This week Will and Ben digest the impact of USDA's July supply and demand reports and forecast what's next for trade. Market recap (changes on week as of Monday's close): » September 2024 corn down $.03 at $3.90 » December 2024 corn down $.03 at $4.04 » September 2024 soybeans down $.63 at $10.33 » November 2024 soybeans down $.59 at $10.40 » September soybean oil down 2.8 cents at 46.07 cents/lb » September soybean meal down $13.90 at $314.00/short ton » September 2024 wheat down $.38 at $5.32 » July 2025 wheat down $.31 at $5.98 » October cotton up 1.37 cents at 70.86 cents/lb » December cotton up 1.85 cents at 72.44 cents/lb » September WTI Crude Oil down $.96 at $81.43/barrel Weekly highlights: The Consumer Price Index for June showed prices declining month over month for the first time since May 2020. Price dropped 0.1% month over month compared to expectations of a 0.1% gain. Year over year CPI fell to 3.0% down from 3.3% last month. The Producer Price Index showed slight month over month gains of 0.2% with year over year at 2.6% compared to 2.4% in June. US energy stocks were mixed on the week. US crude oil and gasoline stocks were down and distillate stocks were down 145 and 84 million gallons respectively. The crude oil drop followed a 511 million gallon drop the week prior. Distillate stocks were higher by 205 million gallons ending a three-week skid. Implied gasoline demand was flat on the week. US ethanol production pulled back to 310 million gallons on the week down from 313 million gallons the week prior. Ethanol production margins have increased the last couple weeks on decreasing corn cost and increasing ethanol prices. There were no changes to ethanol stocks on the week. The National Association of Oilseed Processors reported their members crushed 175.6 million bushels of soybeans in June. The volume was a new June record but below pre-report trade expectations of 177.9 and the May volume of 183.6 million bushels. The July WASDE was full of surprises this month. Notable surprises included 133 million bushel increase in US wheat production, US corn stocks for 2024/25 fell 5 million bushels month over month but 215 million below trade estimates on unexpectedly higher old crop use, and US cotton stocks were 1.2 million bales higher. Open Interest of futures and options for commodities was largely up across the board. Chicago wheats (+1.9%), Corn (3.3%), Soybeans (6.2%), Soybean meal (+5.4%), ICE Cotton (2.4%), and Rough Rice (+11%). Soybean oil was the lone commodity down in open interest (-2.5%). Managed money accounts continue to sell off futures and options positions. Managers were net sellers of 17,445 contracts of Chicago corn taking the corn contract to an all-time net short record of 353,983 positions. Traders were sellers of 31,679 positions of soybeans, 9,577 positions of cotton, and 459 positions of rough rice. They were buyers of 7,129 positions of Chicago wheat reducing the net short in that commodity. Weekly US grain and oilseed export sales were bearish for wheats at 8.8 million bushels and the lowest weekly sales volume for soybeans since the end of May at 7 million bushels. There were minimum new crop sales across the board. Weekly grain and oilseed export inspections were mixed on the week with corn shipments of 42.5 million bushels near the top of expectations, soybeans of 6.2 million bushels below all expectations and wheats of 19.6 million bushels above all expectations. US corn and soybean conditions remained unchanged on the week despite expectations of a 1% increase in good to excellent ratings. Corn at 68% compares to 63% on average. Soybeans at 68% compares to 50% on average. The full index was unchanged for corn at 372 while falling just one point for soybeans- both are well above last year and the average. US cotton condition score of 45% good to excellent was also unchanged on the week. The full composite index fell just 1 point to 319 and compares to 312 last year and 328 on average. The fast winter wheat harvest is now 71% harvested down from expectations of 74% complete. The spring wheat crop is rated at 77% good to excellent compared to 51% last year and 55% on average. Topics: » Market recap » Absorbing USDA report surprises » Derecho in Western Cornbelt » Export outlook » Updates on soybean crush » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #usda #supplyanddemand

Crop markets eye USDA trade estimates | Weekly Commodity Market Update cover art

Crop markets eye USDA trade estimates | Weekly Commodity Market Update

This week Will and Ben look at how USDA might adjust trade estimates to accommodate its recent increase in stocks. Chapters: 0:00 Introduction 1:07 Market recap 3:20 Impacts of the general economy 6:22 Funds taking limited positions 8:48 Previewing USDA trade estimates 12:54 Crop conditions on the rise 15:40 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.14 at $4.07 » December 2024 corn down $.13 at $4.20 » September 2024 soybeans down $.11 at $11.07 » November 2024 soybeans down $.12 at $11.11 » September soybean oil up 2.89 cents at 48.87 cents/lb » September soybean meal down $6.80 at $328.00/short ton » September 2024 wheat down $.20 at $5.70 » September WTI Crude Oil down $.96 at $81.43/barrel Weekly highlights: The number of open US jobs at 8.1 million came in above expectations of 7.9 million indicating there is still demand for labor in the US. The US economy created 206,000 jobs in June- slightly more than 200,000 expected. However, April and May were revised sharply lower by a combined 111,000 jobs. The unemployment rate cracked 4% at 4.1% in June. This was the highest rate since November 2021 signaling the economy is slowing. Hourly wages rose again in June, but the pace slowed to 3.9% from 4.1% matching expectations. US energy stocks were mostly lower on the week. US crude oil, gasoline and distillate stocks were down 511, 93, and 65 million gallons, respectively. Implied gasoline demand rebounded after falling the week prior. Year over year changes in stocks are down 1% for crude oil, but up 6% for both gasoline and distillate fuels. US ethanol production increased to 313 million gallons on the week up from 307 million gallons the week prior. Ethanol production margins have increased the last couple weeks on decreasing corn cost and increasing ethanol prices. Ethanol stocks increased just slightly on the week. Managed money accounts continue to hold relatively large net short positions of Chicago corn, soybeans and wheats. Combined positions were down another 41,010 contracts on the week. Cotton and rice had net long positions on the week reducing their net shorts. Weekly US grain and oilseed export sales were mixed. Corn sales of 14.1 million bushels were bearish, soybean sales of 8.4 million bushels were also bearish while all wheat sales of 29.6 million bushels were bullish. Weekly US grain and oilseed export shipments were up week over week for corn, level for sorghum and total wheats and down for soybeans. However, all were below their recent weekly volumes. US corn and soybean conditions both increased 1% this week to 68% while the trade was expecting no change. The conditions change is bearish to markets as weather outlook looks suitable for another week of good condition improvement. US cotton conditions decreased sharply again this week to 45% vs 50% last week. The fast winter wheat harvest is now 63% harvested matching trade expectations. Topics: » Market recap » Recap of last week's USDA reports » Western Cornbelt post-flooding conditions » Energy market providing support » Funds build net short positions » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #crops #USDA #trade

Feed grains set up to trade in narrow range | Weekly Commodity Market Update cover art

Feed grains set up to trade in narrow range | Weekly Commodity Market Update

This week Will and Ben breakdown how a narrow ceiling and floor might be set for feed grains. Chapters: 0:00 Introduction 1:20 Market recap 3:21 Recap of last week's USDA reports 8:50 Western Cornbelt post-flooding conditions 9:58 Energy market providing support 12:33 Funds build net short positions 14:50 Reports to watch Market recap (changes on week as of Monday's close): » September 2024 corn down $.26 at $4.07 » December 2024 corn down $.31 at $4.20 » September 2024 soybeans down $.23 at $11.07 » November 2024 soybeans down $.19 at $11.11 » September soybean oil up 2.13 cents at 45.98 cents/lb » September soybean meal down $14.60 at $334.80/short ton » September 2024 wheat up $.19 at $5.90 » September WTI Crude Oil up $1.45 at $82.39/barrel Weekly highlights: US energy stocks were mixed on the week. US crude oil and gasoline supplied were up 151 and 111 million gallons, respectively, while distillate fuels and ethanol stocks were down slightly at 16 and 8 million gallons respectively. US ethanol production pulled back to 307 million gallons on the week from 311 the week prior but nearly matches the same volume during the week the last three years. Ethanol margins remain supportive of elevated production. The PCE index showed no increases in May for the first time in six months suggesting inflation is beginning to wane. Year over year PCE for May fell from 2.7% to 2.6%. Managed money traders were net sellers of Chicago corn, soybeans and wheat increasing the net shorts in all three commodities. For corn this was the largest net short in late June on record. Traders were buyers of ICE cotton and Chicago rice. Except for grain sorghum, grain stocks as of June 1 were up year over year for corn, soybeans and wheat. June 1 grain stocks also came in above the average pre-report trade estimates across the board signaling lower feed use last quarter or lower 2023 production. USDA’s June acreage report showed corn acres of 91.475 million acres above all pre-report trade estimates and 1.4 million acres higher than the March planting intentions report. Soybean acreage of 86.100 million acres was below last March intentions when traders were anticipating an increase creating some bullish pressure. US winter wheat acreage of 33.805 million acres was lower than the average estimate when traders were anticipating an increase but were pulled down by the bearish corn number. Weekly US grain and oilseed export sales were mixed. Soybean sales of 10.4 million bushels were below all pre-report estimates and all wheat sales of 24.5 million bushels were above all pre-report estimates. Corn sales of 21.3 million bushels were on the lower end of expectations. US grains and oilseed export inspections for last week were neutral to slightly bearish. Corn at 32.8, soybeans at 11.1, grain sorghum at 2.2, and wheats at 11.4 million bushels were all within pre-report trade expectations. However, all were below their recent volumes. US corn and soybean conditions deteriorated week over week more than expected, US corn at 67% good to excellent was down from 69% last week and one point lower than expectations. Conditions fell the hardest in Iowa 73% vs 77%, Minnesota 62% vs 65% and Wisconsin 61% vs 65%. The eastern corn belt saw some conditions improvements after beneficial rains. Corn conditions were 51% this time last year. The conditions index fell from 374 to 370 on the week and compares to 340 last year and 361 on average. Soybean conditions remained at 67% compared to expectations of a 1% decline. Similar to corn, soybean conditions increased in the eastern corn belt after recent rains. The conditions index moved one tick higher to 369 vs 368 last week. The index was 337 last year and 356 on average. US cotton conditions decreased sharply to 50% vs 56% last week. Conditions fell in most deep south states and Texas. The conditions index of 331 compares to 327 this week last year and 324 the last three years. The fast winter wheat harvest is now 54% harvested matching trade expectations. The conditions scores continue to support strong yields across the Midwest. Topics: » Market recap » Recap of last week's USDA reports » Western Cornbelt post-flooding conditions » Energy market providing support » Funds build net short positions » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #feed #grains #trade

Weekend flooding causes havoc ahead of acreage report | Weekly Commodity Market Update cover art

Weekend flooding causes havoc ahead of acreage report | Weekly Commodity Market Update

This week Will and Ben dive into how upcoming acreage and stocks numbers could shake up the corn and soybean markets. Chapters: 0:00 Introduction 1:18 Market recap 2:11 Wheat continues drop 3:18 Crop conditions 5:11 Flooding in upper Midwest 7:40 USDA acreage and stocks report expectations 12:13 Reports to watch Market recap (changes on week as of Monday's close): » July 2024 corn down $.10 at $4.33 » December 2024 corn down $.12 at $4.51 » July 2024 soybeans up $.18 at $11.75 » November 2024 soybeans flat at $11.30 » July soybean oil down .24 cents at 43.49 cents/lb » July soybean meal up $12.50 at $372.80/short ton » July 2024 wheat down $.39 at $5.52 » July WTI Crude Oil up $1.92 at $80.94/barrel Weekly highlights: US energy stocks were sharply lower on lower international imports, lower refinery utilization and high weekly demand. Crude oil stocks fell 2.55 million barrels, more than the 1.98-million-barrel expectation. The June Cattle on Feed Report showed all cattle on feed at 11.583 million head or 99.9% of last year, that was above the average estimate of 99.0%. May cattle placements were strong at 104.3% compared to expectations of 98.5% with May marketings at 100.2% of last year slightly lower than expectations. Weekly grain and oilseed export sales were again mixed for the week ending June 13th. Corn sales of 20.1 million bushels were half of what they were the week prior and below all pre-report expectations. Soybean sales of 20.4 million bushels were up from 13.9 million bushels and in the middle of expectations while all wheat export sales of 21.7 million bushels were above all pre-report expectations. New crop sales of corn and soybeans were minimal at 3.7 and 3.1 million bushels respectively. Last week’s grain and oilseed export inspections were within expectations but a little soft compared to recent volumes. Corn inspections of 44.0 million bushels bring the seasonal total 66 million bushels below the seasonal pace needed but the deficit has been shrinking. Soybean inspections of 12.6 million bushels exceed the seasonal pace by 31 million bushels. US corn and soybean conditions deteriorated week over week as expected, US corn at 69% good to excellent was down from 72% last week but right in line with trade expectations. Conditions fell the hardest in the eastern corn belt and northern plains. Corn conditions were 50% this time last year. Soybean conditions of 67% fell from 70% and below the 68% trade expectations. The soybean crop was 51% this time last year. US cotton conditions increased to 56% good to excellent from 54% last week and compares to 49% this time last year. Winter wheat is now 40% harvested nearly matching trade expectations and nearly twice as fast as last year. Topics: » Market recap » Wheat continues drop » Crop conditions » Flooding in upper Midwest » USDA acreage and stocks report expectations » Reports to watch Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #weather #flooding

Wheat harvest rolls on while dryness creeps in the Eastern Cornbelt | Weekly Commodity Market Update cover art

Wheat harvest rolls on while dryness creeps in the Eastern Cornbelt | Weekly Commodity Market Update

This week Will and Ben jump into wheat harvest and take a look at growing dryness in parts of the Cornbelt. Chapters: 0:00 Introduction 0:55 Market recap 4:30 International shifts in USDA June WASDE 6:55 Dryness growing in Eastern Cornbelt 9:15 Wheat condition and harvest looking good 11:55 Reports to watch Market recap (changes on week as of Monday's close): » July 2024 corn down $.08 at $4.43 » December 2024 corn down $.05 at $4.63 » July 2024 soybeans down $.31 at $11.57 » November 2024 soybeans down $.28 at $11.30 » July soybean oil up 1.11 cents at 43.73 cents/lb » July soybean meal down $7.70 at $360.30/short ton » July 2024 wheat down $.16 at $5.91 » July WTI Crude Oil up $2.61 at $80.52/barrel Weekly highlights: US consumer sentiment unexpectedly fell in May to 65.6 down from 69.1 according to the University of Michigan last week. This was the third consecutive month of lower than expected consumer sentiment. The June consumer price index numbers came in below expectations across the board. The headline CPI was flat month on month and was better than the 0.1% grow expected. The CPI was up 3.3% year over year but also down from the 3.4% expected by analysts. The headline producer price index dropped to 0.2% month on month in May compared to 0.5% month on month in April. The annual change of 2.2% in May matched April but was lower than analyst expectations of 2.4%. The Federal Reserve held interest rates steady in June as expected. They also indicated only one interest rate cut in 2024, down from three estimate this year in March. USDA’s monthly WASDE report contained few surprises as is expected in June. USDA did cut 6.5 million metric tons out of the combined Ukraine and Russian Wheat crop bringing the combined production to 83 mmt. USDA cut 1 million metric tons from Brazilian soybean crop. US energy stocks were higher for the first week of June. Crude oil stocks were up 156.6 million gallons, gasoline stocks were up 107.7 million gallons, and distillate stocks were up 37 million gallons. US ethanol production decreased for the first time in over a month. US ethanol production came in at 301 million gallons down from 315 the week prior. Ethanol stocks increased just slightly by 7 million gallons but remain 4% higher than the same week last year. The National Oilseed Processors Association reported their members crushed 183.5 million bushels of soybeans in May. The volume was within expectations but up from the 178.4-million-bushel average, the 169.4 million bushels in April and set a new monthly May record up from the 177.9 million bushels last May. Open interest positions of Chicago futures and options positions were up for soybean meal (+0.9%) while down for combined Chicago wheats (-6.0%), corn (-0.5%), soybean (-1.7%), soybean oil (-0.1%), cotton (-11%), and rice (-0.1%). Managed money traders were net sellers of soybeans and Chicago wheat futures and options contracts while largely neutral on corn contracts. Traders sold a net 16,302 contracts of Chicago wheats and 16,139 contracts of soybeans. Traders had a net purchase of 427 contracts of Chicago corn to slightly reduce their relatively large net shorts. The net short positions grew 141,000 positions over the prior 3 weeks. Weekly grain and oilseed export sales were mixed for the week ending June 6th. All commodities had weekly export sales that exceeded the 10 week rolling average. Wheat sales of 8.2 million bushels exceeded all pre-report expectations. Export sales of new crop corn and soybeans were minor. Last week’s grain and oilseed export inspections were within expectations but supportive. Corn export inspections of 50.7 million bushels are seasonally strong as Mexico continues to buy and accept delivery of US corn. The US corn conditions rating fell just slightly on the week to 381 compared to 384 last week and 348 last year and slightly lower than expectations. US soybean conditions also declined a little more than expected but still remain in good shape at 376 compared to 379 last week and 346 last year. Twenty-seven percent of the winter wheat crop is harvested up from 13% last year. The winter wheat conditions score increased to 335 up from 330 and compares to 304 last year at this time. Connect with Brownfield Ag News: » Get the latest ag news: https://www.brownfieldagnews.com/ » Subscribe to Brownfield on YouTube: @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. #agriculture #news #markets #wheat #weather

Jobs reports give positive signals | Weekly Commodity Market Update cover art

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. Chapters: 0:00 Introduction 1:10 Market recap 2:05 Wheat drop 4:18 U.S. jobs 11:50 USDA June WASDE 14:45 Reports to watch 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: @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. #agnews #agmarkets #jobsreport #employment #commoditymarket

Analysis of early crop condition ratings shows positive trends | Weekly Commodity Market Update cover art

Analysis of early crop condition ratings shows positive trends | Weekly Commodity Market Update

Join Will and Ben this week as they analyze the current planting pace and early season condition ratings, discussing how these factors are shaping the upcoming growing season. Stay tuned for expert insights and predictions in this detailed overview of the agricultural landscape. In this video, we cover: Market recap (changes on week as of Monday's close): - July 2024 corn down $.19 at $4.43 - December 2024 corn down $.26 at $4.62 - July 2024 soybeans down $.64 at $11.84 - November 2024 soybeans down $.56 at $11.63 - July soybean oil down .81 cents at 44.14 cents/lb - July soybean meal down $27.00 at $359.50/short ton - July 2024 wheat down $.25 at $6.72 - July WTI Crude Oil down $4.22 at $74.02/barrel Weekly highlights: - Personal incomes rose 0.3% month over month- as expected. Personal consumption grew 0.2% month on month down from 0.3% growth expected. - The headline PCE index rose 2.7% year-over-year in April, matching expectations and the prior month’s pace. - Last Thursday the European Union agreed to impose tariffs on grain and oilseeds from Russia and Belarus starting July 1, 2024. - US energy stocks were mixed for the week of May 24th. Stocks were up for gasoline and distillate fuels while down for crude oil and ethanol. - US ethanol production increased for the third straight week to 314 million gallons. Corn used for ethanol is behind the seasonal pace needed to hit the current target. - Open interest positions of Chicago futures and options positions were up for Chicago wheats (+1.2%), soybeans (+0.1%), soybean oil (+1.5%), soybean meal (1.3%), cotton (+0.4%)) and rough rice (+1.2%) while down for corn (-1.5%). - Managed money traders were net sellers of corn futures and options contracts but net buyers for Chicago wheats and soybeans. Traders sold 12,315 futures and options contracts of corn. After the strong sell off, managed money traders have been net buyers of corn two weeks in a row. Soybeans and Chicago wheats were net buyers of 12,208 and 6,178 contracts, respectively. Managed money remains net short across all three commodities although 80% smaller than six weeks ago. - Weekly grain and oilseed export sales were neutral for the week ending May 23, 2024. Everything was within pre-report expectations, but down week over week for corn and wheats. Old crop wheat saw net cancelations of 2.2 million bushels led by 2.6 million bushels of canceled white wheat sales. - Last week’s grain and oilseed export inspections were strong. Inspections were up week over week for corn, soybeans, grain sorghum and wheats. Inspections of corn and wheats came in above all pre-report expectations while soybeans were near the top end of the range. - 91% of the US corn crop is planted compared to 89% on average. 78% of the US soybean crop is planted compared to 73% on average. Cotton is 70% planted matching the average pace and 51% of the grain sorghum is planted compared to 46%. - Winter wheat harvest has started with 6% harvested. The winter wheat conditions rating increased slightly to 333 (perfect is 500) and compares to 331 last week and 293 last year. - The initial corn conditions rating came in at 385 points vs an initial rating last year of 368. Good to excellent rating of 75% was up from trade expectations of 70%. Topics: - Market recap - Crop insurance planting deadline - Crop condition ratings - Export inspections up - Reports to watch Stay informed on the latest trends and market insights. Don't forget to like, comment, and subscribe for more updates! #CommodityMarket #MarketUpdate #crops #planting #growingseason #WillRobinson #universityofmissouri #benbrown #BrownfieldAgNews #agnews ---------- 🔔 Subscribe for more market insights and updates! 👍 Like this video if you found it helpful! 💬 Leave a comment with your thoughts and questions! ---------- 📢 Follow us on social media for more updates: Twitter: https://x.com/brownfield Facebook: https://www.facebook.com/BrownfieldAgNews ---------- 📰 Check out our website for more detailed reports and articles: https://www.brownfieldagnews.com/ Thank you for watching!

Russian wheat pressured by drought and freeze | Weekly Commodity Market Update cover art

Russian wheat pressured by drought and freeze | Weekly Commodity Market Update

On this Weekly Commodity Market Update, Will and Ben break down the impact of Russia's wheat production struggles and opportunities for U.S. exports. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Tuesday's open): ==================== ➡︎ July 2024 corn up $.04 at $4.64 ➡︎ December 2024 corn up $.04 at $4.88 ➡︎ July 2024 soybeans flat at $12.48 ➡︎ November 2024 soybeans up $.03 at $12.19 ➡︎ July soybean oil down 1.37 cents at 44.95 cents/lb ➡︎ July soybean meal up $12.40 at $386.50/short ton ➡︎ July 2024 wheat up $.09 at $6.97 ➡︎ July WTI Crude Oil down $1.06 at $78.24/barrel ==================== Weekly highlights: ==================== Federal Reserve Officials signal willingness to raise interest rates if needed. Minutes of the May FOMC (Federal Open Market Committee) meeting indicated officials were disappointed with inflation readings and a willingness to tighten policy further if risks of inflation materialize in an appropriate way. US energy stocks were mixed for the week of May 17th. Stocks of crude oil increased 77 million gallons and distillate stocks increased 16 million gallons, while stocks of gasoline down 40 million gallons. Gasoline demand increased 5% week over week. US ethanol production increased 6 million gallons to 300 million gallons. Corn used for ethanol this marketing year is up 3.9% from the same period last year. Ethanol stocks decreased 12 million gallons after being up 12 million gallons the week prior. Ethanol stocks remain seasonally high above the 5-year range. Open interest positions of Chicago futures and options positions were up for Chicago wheats (+3.8%), corn (+1.0%), soybeans (+4.1%), cotton (+2.1%) and rough rice (+5.2%) while down for soybean meal (-0.9%) and soybean oil (-0.4%). Managed money traders were net sellers of corn contracts reversing a historic net short covering. Traders sold 49,991 futures and options contracts of corn after reducing their short position 208,399 contracts in the prior four sessions. Soybeans and Chicago wheats were net buyers of 16,239 and 4,161 contracts, respectively. Managed money remains net short across all three commodities. USDA’s May Cattle on Feed Report was neutral- US cattle on feed at 11.554 on May 1 was 99.1% of last year- near expectations. April placements of 94.2% were slightly above expectations with April marketings at 110.1% of last year and above the 109.8% trade expectations. Weekly grain and oilseed export sales were mixed for week ending 5/16/24. Everything was within expectations. Old crop corn sales of 35.9 million bushels are seasonally strong for the third straight week. There were 8.3 million bushels of new crop wheat sales split across wheat classes. Old crop bean sales are 3% below the relative pace needed. Last week’s grain and oilseed export inspections were neutral- corn shipments of 42.4 million bushels and wheat shipments of 14.7 million bushels were both at the top end of their respective ranges. Soybean shipments of 7.8 million bushels were at the low end of the pre-report range. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Russian wheat struggles ➡︎ Corn yield potential ➡︎ Chance of interest rate hike ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

How continued inflation pressure impacts agriculture | Weekly Commodity Market Update cover art

How continued inflation pressure impacts agriculture | Weekly Commodity Market Update

This week Will and Ben look at paths forward for interest rates and breakdown the soybean complex. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ July 2024 corn down $.12 at $4.60 ➡︎ December 2024 corn down $.11 at $4.84 ➡︎ July 2024 soybeans up $.29 at $12.48 ➡︎ November 2024 soybeans up $.04 at $12.16 ➡︎ July soybean oil up 1.17 cents at 46.32 cents/lb ➡︎ July soybean meal up $12.50 at $374.10/short ton ➡︎ July 2024 wheat up $.01 at $6.88 ➡︎ July WTI Crude Oil up $.70 at $79.30/barrel ==================== Weekly highlights: ==================== The Producer Price Index rose 0.5% month over month in April- up from expectations of 0.3%. The Consumer Price Index rose 0.3% in April compared to March and 3.4% year over year- the values were in line with expectations and down from previous measures. The Biden Administration hiked tariffs on $18 billion in Chinese products including everything from electric vehicles to batteries to critical minerals and medical products. US energy stocks decreased on the week. Stocks of crude oil decreased 105 million gallons with stocks of gasoline down 10 million gallons and distillate stocks down just slightly by 2 million gallons. Gasoline demand increased 1% but remains below levels the last two years. US ethanol production increased 10 million gallons to 294 million gallons on the week and the highest same week volume since 2019. Corn used for ethanol this marketing year is up 3.9% from the same period last year. Ethanol stocks increased 12 million gallons after falling five consecutive weeks. The April NOPA report was bearish to the soybean market as the reported crush volume of 166.0 million bushels fell below all pre-report trade expectations. Open interest positions of Chicago futures and options positions were up for Chicago wheats (+7.3%), corn (+4.2%), soybeans (+1.2%), soybean meal (+1.5%), and cotton (+4.4%) while down for rough rice (-0.4%) and soybean oil (-0.2%). Managed money traders continued their short coverings of corn and wheat in Chicago wheats they purchased 20,855 futures and options positions and in corn they bought back 31,342 net contracts for a four week total of 208,399 contracts. Managed money traders were net sellers of 1,212 contracts increasing the now normal net short. Weekly grain and oilseed export sales were bearish on the week. Corn, soybeans, grain sorghum, and soybean oil were all down week over week. 2023/24 soybean sales at 9.8 million bushels fell below all expectations while corn was on the lower end of expectations. Last week’s grain and oilseed export inspections were mixed- well above all expectations for corn and below expectations for soybeans and wheat. For soybeans, the 6.8 million bushel volume was a marketing year low and for wheat the 7.6 million bushel volume was the lowest since November. Crop planting progress was strong last week given the short planting window. Corn planting increased to 70% from 49%. Farmers bested the average week over week gain of 17%. Average is 71% and the trade was expecting 68%. Soybean planting at 52% was up from 17% and compares to 49% on average, cotton planting was up 11% to 44% - matching average pace. The winter wheat conditions rating was down just one point to 333 (perfect is 500) and compares to 278 this time last year. The Kansas wheat tour estimated average yields at 46.5 bushels per acre- the highest since 2021. The estimate is also up from a five-year average of 42.4 bushel per acre and up from USDA’s May estimate of 38.0 bushels per acre. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Wheat rally ➡︎ Bearish soybean crush report ➡︎ Price index increases ➡︎ Fund behavior ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

May supply and demand estimates boost corn, lowers soybean futures | Weekly Commodity Market Update cover art

May supply and demand estimates boost corn, lowers soybean futures | Weekly Commodity Market Update

This week Will and Ben review USDA's updated global supply and demand estimates and coming changes to trade operations with China. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ July 2024 corn up $.03 at $4.72 ➡︎ December 2024 corn up $.05 at $4.93 ➡︎ July 2024 soybeans down $.29 at $12.19 ➡︎ November 2024 soybeans down $.07 at $12.12 ➡︎ July soybean oil up 1.31 cents at 45.15 cents/lb ➡︎ July soybean meal down $26.00 at $361.60/short ton ➡︎ July 2024 wheat up $.39 at $6.87 ➡︎ July WTI Crude Oil up $.84 at $78.60/barrel ==================== Weekly highlights: ==================== US stocks of crude oil decreased 57 million gallons with stocks of gasoline and distillate fuels increased 37.4 and 23.5 million gallons, respectively. US ethanol production decreased 6 million gallons to 284 million gallons on the week. This is the same volume during this same week last year. On lower production, higher gasoline demand and a strong month of ethanol exports, ethanol stocks decreased 54.1 million gallons- the fifth straight week of declines. Economic indicators deteriorated for the most recent week of data. The initial jobless rate sharply increased above expectations to 231,000 people and the preliminary May reading of consumer sentiment fell to it’s lowest level in six months. Open interest positions of Chicago futures and options positions was -0.1% for combined Chicago wheat contracts+5% for Chicago corn contracts, +4.7% for Chicago soybeans. Soybean oil was -0.2%, and soybean meal +5.5%, while cotton and rice were up 4.4% and 2.9% respectively. Managed money traders were net buyers decreasing net shorts across the board. Chicago wheats +29,701 contracts, corn +115,527 contract and an all-time weekly record of +107,783 for soybeans. Global grain and oilseed production estimates continue to move lower. Argentina corn, Brazilian soybeans, and Russian wheat production all were revised lower by their respective trade groups. US export sales were neutral for grains and oilseeds for the 2023/24 crop and a little bearish for 2024/25 crop. Corn, soybeans, grain sorghum and total wheat sales were all up slightly week over week but within expectations. Corn and soybean sales for 2023/24 lag the pace needed to hit the current export estimates. USDA’s May World Agricultural Supply and Demand estimates were largely as expected. There were some minor changes to 2023/24 demand numbers with declines in South America production and growing US ending stocks for 2024/25. Weekly grain and oilseed export inspections were mixed week over week with corn and beans down and grain sorghum and wheat higher. In million bushels, corn a three month low of 36.9 vs 51.1; soybeans: 14.9 vs 13.2; grain sorghum 5.5 vs 5.4 and wheat 13.4 vs 12.5. After USDA’s increase of 50 million bushels of 2023/24 corn exports- corn exports now lag the seasonal pace needed while all other commodities exceed the seasonal pace. Crop planting progress still increased on the week. Corn planting increased to 49% from 36% but is now well below an average of 54%. Soybean planting at 35% was up from 25% and compares to 34% on average, cotton planting was up 9% to 33% and compared to 31% on average. The winter wheat conditions rating was roughly unchanged on the week at 334 (perfect is 500) and compares to 280 this time last year. The Oklahoma Wheat Commission last week estimated 2024 Oklahoma wheat production at 89.2 million bushels with an average yield of 33.7 bushels per acre. Last year production totaled 68.6 million bushels. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Corn up, soybean complex mostly down ➡︎ USDA global supply and demand update ➡︎ Ethanol production and export shifts ➡︎ U.S. tariffs on Chinese products ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

South America runs into production problems | Weekly Commodity Market Update cover art

South America runs into production problems | Weekly Commodity Market Update

This week Will and Ben dive into the impacts of wet weather and upcoming USDA reports. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ July 2024 corn up $.20 at $4.69 ➡︎ December 2024 corn up $.16 at $4.88 ➡︎ July 2024 soybeans up $.66 at $12.48 ➡︎ November 2024 soybeans up $.41 at $12.19 ➡︎ July soybean oil down 0.53 cents at 43.84 cents/lb ➡︎ July soybean meal up $30.30 at $387.60/short ton ➡︎ July 2024 wheat up $.40 at $6.48 ➡︎ July WTI Crude Oil down $4.33 at $77.76/barrel ==================== Weekly highlights: ==================== March soybean crush came in at 203.7 million bushels below the 206-million-bushel trade estimate- but was the second largest monthly volume on record behind only December 2023 at 204.3 million bushels. Corn used for ethanol in March came in at 469 million bushels up from 445 million last month and 436 million last year. US stocks of crude oil and gasoline were higher on the week while stocks of distillate fuels and ethanol decreased. US ethanol production increased 10 million gallons to 290 million gallons on the week. This compares to 287 million gallons the same week last year. Ethanol stocks decreased 10.3 million gallons. The US Treasury and IRS issued updated guidance on Sustainable Aviation Fuel 40 B tax credits providing a pathway for US corn and soybean bushels but with farming practice instructions. No information was provided about the 45 Z tax credits that start next calendar year. Lates season rains and disease continue to impact South American production. Rains in southern Brazil threated remaining unharvested soybeans while disease and poor weather hamper Argentina corn and soybean production. The Federal Open Market Committee kept the short-term interest rate at 5.25-5.50 during their April meeting while cooling thoughts of interest rate hikes this year. After five months of monthly jobs reports surprising to the high side, the April Jobs report showed the US economy added 175,000 jobs- below analyst expectations of 243,000. The unemployment rate ticked higher to 3.9% compared to expectations of 3.8%. Open interest positions of Chicago futures and options positions was -4% for combined Chicago wheat contracts, -8.3% for Chicago corn contracts, -13.8% for Chicago soybeans. Soybean oil was -5%, and soybean meal -9.2%, while cotton and rice were up 1.1% and 1.9% respectively. Managed money traders were net buyers of Chicago corn (20,506) and Chicago wheats (96,074) while net buyers of Chicago soybeans (222 contracts). All remain historically short. US export sales were bearish across the board. Corn, grain sorghum, wheats, soybean meal and soybean oil were all down week over week. Soybeans were up week over week but still low. There were net cancelations of wheats as cancelations of Hard Red Winter wheat by unknown destinations and Soft Red Winter by Ecuador and unknown destinations off set all other positive sales. There were no corn sales to China and net cancelations of soybean sale to China. Weekly grain and oilseed export inspections were mixed for the week ending May 2, 2024. Corn and grain sorghum exports were on the high end of expectations while soybeans and wheats were on the lower end. Crop planting progress still increased on the week. Corn planting increased to 36% compared to 39% on average, soybean planting at 25% was up 7% and compares to 21% on average, cotton planting was up 9% to 24% and compared to 20% on average. For corn planting Indiana (20 vs 24) and Illinois (32 vs 41) are behind but joining them are the plain states of Colorado (12 vs 26) and Nebraska (31 vs 48) that are behind the average pace. The winter wheat conditions rating increased just slightly to 335 (perfect score= 500) compared to 331 last week and 269 last year. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Commodity gains, lower crude oil ➡︎ Wet planting conditions ➡︎ South American production concerns ➡︎ GREET model attributes ➡︎ USDA supply and demand report preview ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: Alternative U.S. export markets beyond China cover art

Weekly Commodity Market Update: Alternative U.S. export markets beyond China

This week Will and Ben breakdown the shifting ag trade market and where U.S. opportunities exist. Market recap (Changes on week as of Monday's close): - May 2024 corn up $.10 at $4.49 - December 2024 corn flat at $4.72 - July 2024 soybeans up $.06 at $11.82 - November 2024 soybeans up $.07 at $11.78 - July soybean oil down 1.29 cents at 44.37 cents/lb - July soybean meal up $9.50 at $354.30/short ton - July 2024 wheat up $.21 at $6.08 - July WTI Crude Oil up $0.19 at $82.09/barrel Weekly Highlights • Personal consumption expenditure data came in a little higher than expected this month at 2.7% growth in March compared to 2.5% in February and above expectations of 2.6%. • Stocks of US crude oil, gasoline, and ethanol were lower week over week with distillate stocks higher. Crude oil stocks fell 267 million gallons ending a string of four consecutive weekly increases totaling 628 million gallons. Gasoline stocks fell 27 million gallons. Distillate stocks made a counter seasonal move higher of 68 million gallons. • US ethanol production pulled back again this week to 280 million gallons after falling sharply the week prior. The volume compares to 284 million gallons during the same week last year. Ethanol stocks were down 15 million gallons, but remain seasonally high. • Open interest of Chicago grains and oilseeds was down for wheats (-0.4%), soybeans (-6.2%), soybean oil (-4.1%), and soybean meal (-0.3%) while being up slightly for corn (+0.2%), cotton (+2.0%) and rice (+2.2%). • As anticipated, disaggregated CFTC reporting showed that managed money traders covered short positions over the week ending April 23rd. Managed money traders decreased their short position in Chicago wheats 21,242 positions, they also decreased their net short of Chicago corn positions 41,024 positions and their net short of Chicago soybean positions 18,861 positions. • Corn export sales of 51.2 million bushels were well above expectations toping out at 35.4 million and the strongest of the 2023/24 marketing year. Soybean export sales of 7.7 million bushels were below the most bearish pre-report estimate of 11 million bushels. Grain sorghum sales of 1.5 million bushels and wheat sales of 3 million bushes were both up week over week. • US grain and oilseed export inspections were down week over week for corn, soybeans, and grain sorghum, but up for combined wheat classes. All commodities were within expectations. Although the corn, soybean, and grain sorghum volumes were seasonally low. • For the third week in a row- US corn planting progress doubled. At 27% complete, the US corn planting pace exceeds 23% this same time last year and 22% on average, but matched trader expectations. Last year we saw a 23-percentage point increase, which seems unlikely this year. Soybean planting increased 10% percentage points to 18%- ahead of the 5-year average of 10% and 1 point above trader expectations. • The winter wheat conditions rating dropped just slightly to 334 down 2 points from last week, but still ahead of the 270 last year at this time. Spring wheat plantings are the fastest in 3 years. Topics: - Market recap - Sideways commodities - Continued weak soybean exports - Alternatives to Chinese export market - Looking ahead to USDA's GREET model - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: Brazil ahead of U.S. in SAF market cover art

Weekly Commodity Market Update: Brazil ahead of U.S. in SAF market

This week Will and Ben look at Brazil's progress in the sustainable aviation fuel sector. Market recap (Changes on week as of Monday's close): - May 2024 corn up $.08 at $4.39 - December 2024 corn up $.03 at $4.72 - May 2024 soybeans up $.03 at $11.61 - November 2024 soybeans up $.04 at $11.71 - May soybean oil up 0.19 cents at 45.66 cents/lb - May soybean meal up $5.80 at $344.30/short ton - May 2024 wheat up $.19 at $5.70 - July 2024 wheat up $.20 at $5.87 - May WTI Crude Oil down $2.87 at $82.01/barrel Weekly Highlights • Consumer retail sales rose 0.7% in March and outlays in February were also stronger than previously reported, indicating the economy got a boost from consumer spending in the first quarter. • US crude oil stocks excluding the strategic petroleum reserve were up another 115 million gallons from the week prior. Crude oil stocks have increased 628 gallons over the past month. Conversely, US gasoline and distillate stocks were down 48 and 116 million gallons respectively. On the lower gasoline stocks- the average regular gasoline price was up 4 cents week over week. • Ethanol production pulled back sharply to 289 million gallons- down 21 million from the week prior as several plants took scheduled maintenance. Ethanol stocks levels decreased 5 million gallons but remain at relatively large levels. • Open interest of Chicago grains and oilseeds was down for wheats (-1.9%), corn (-1.7%), soybean meal (-0.4%), cotton (-19.6%) and rice (-77%) while being up slightly for soybeans (+5.8%) and soybean oil (+3.8%). • Managed money traders continued to expand their short positions of corn (16,016 contracts) soybeans (28,565 contracts) and Chicago wheat (14,455 contracts). Corn and soybean managed money contracts pulled back from their record short positions but are rebuilding them again. • USDA’s Cattle on Feed Report showed all cattle on feed as of April 1 at 11.821 head or 101.5% of last year but below the 102.1% trade estimate. March cattle placements at 87.7% of last year were well below the 93.0% trade estimate with marketings of 86.3% year over year- down from a 88.1% expectation. • Export sales for the most recent week were neutral to bearish with corn sales of 19.7 million bushels only slightly better than the marketing year low set the week prior of 12.8 million. Soybean sales made a counter seasonal move of 17.8 million bushels. There were net cancelations of 0.1 and 3.4 million bushels of grain sorghum and wheat respectively. • Export inspections were supportive to corn and grain sorghum while neutral to soybeans and wheat. Reported corn inspections of 63.9 million bushels were the largest of the marketing year and highest weekly volume in nearly 2 years. • National corn planting progress doubled again this week to 12% complete- ahead of 10% on average. Soybean planting rose from 3% to 8%- double the five-year average. Of states reporting plantings- most states are ahead of average. • The winter wheat conditions rating dropped a surprising 10 points to 336 (a perfect score is 500). However, this remains well ahead of 270 this time last year. Topics: - Market recap - Wheat rally - Weekend Russian attacks - U.S. weather impacts - Planting progress - Brazil's delivery of SAFs to U.S. - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: Soybean crush sets record as global production and stocks shift. cover art

Weekly Commodity Market Update: Soybean crush sets record as global production and stocks shift.

This week Will and Ben take a look at the shifting soybean picture and record soy crush. Market recap (Changes on week as of Monday's close): - May 2024 corn down $.04 at $4.31 - December 2024 corn down $.04 at $4.69 - May 2024 soybeans down $.23 at $11.58 - November 2024 soybeans down $.17 at $11.67 - May soybean oil down 2.43 cents at 45.47 cents/lb - May soybean meal up $2.50 at $338.50/short ton - May 2024 wheat down $.14 at $5.51 - July 2024 wheat down $.13 at $5.67 - May WTI Crude Oil down $.73 at $84.88/barrel Weekly Highlights • The Consumer Price Index, a measure of inflation, rose to 3.5% in March, higher than expectation and the third consecutive month of increasing inflation. Shelter and energy costs drove the increase. Following the report, traders pushed the first expected Federal Funds rate cut out to September compared to June moments before the report. • The Producer Price Index, another measure of inflation, rose 2.1% from March 2023, which was the largest monthly year over year gain in nearly a year. This was slightly down from an expectation of 2.2%. Month over month prices were up 0.2% compared to up 0.6% in February and pre-report expectations of up 0.3%. • US crude oil stocks excluding the strategic petroleum reserve were up 245 million gallons from the week prior. Similarly, US gasoline and distillate stocks were up on lower demand and higher imports. Crude oil prices have eased from their highs experienced last week on easing geopolitical tensions but the risk is still present. • Ethanol production pulled back 310 million gallons- down 5 million from the week prior. Ethanol margins decreased to end March but have started to move higher again despite near record ethanol stock levels. Margins remain positive for ethanol producers. • USDA lowered US corn ending stocks to 2.122 down 50 million bushels on the month but not as much as the 70-million-bushel drop expected. Demand was increased 25 million bushels for both corn exports and ethanol use. • Brazil’s CONAB reduced both total corn production and soybean production for the country 1.8 and 0.5 million metric tons respectively. Both are noticeably lower than USDA’s April numbers. • Open interest of Chicago grains and oilseeds was down for wheats (-4.1%), corn (-2.8%), soybean oil (-1.8%), soybean meal (-2.0%), cotton (-11.1%) and rice (-5.9%) while being up slightly for soybeans (+1.0%). • Managed money traders continued to expand their short positions of corn (3,998) and soybeans (1,054). Corn and soybean managed money contracts pulled back from their record short positions but are rebuilding them again. Traders decreased their net short of Chicago Wheats 1,239 contracts. • Export sales for week ending March 4th were bearish and pulled the market lower. Corn sales of 12.8 million bushels were the lowest of the marketing year and fell well below expectations. Soybean and wheat sales were also on the low end of expectations. • Export inspections with the exception of wheats were flat to lower and uninspiring. The reported soybean volume was the lowest since Mid-September as volumes continue to move seasonally lower. Wheat exports exceeded all pre-report expectations. • The National Oilseed Processors Association reported their members crushed a record high 196.4 million bushels in March. This was 1.2 million bushels below the average trade estimate ahead of the report. The soybean oil stocks volume was on the top end of expectations and the fifth consecutive month of volumes exceeding the average trade estimate. • As expected, planting picked up in the western corn belt last week. Six percent of the US corn crop is planted compared to 3% last week and an average pace of 5%. The first soybean planting progress came in at 3% up from an average of 1%. Cotton and rice were 8% and 44% respectively. Topics: - Market recap - Sideways to lower commodity trading - Corn stocks estimates drop - Soybean stocks estimates rise - Soybean crush sets all-time record - Brazilian production shifts - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: Shifting U.S. job market speaks to general economic picture cover art

Weekly Commodity Market Update: Shifting U.S. job market speaks to general economic picture

This week Will and Ben discuss the impact of the U.S. jobs picture and energy stocks on the general market and agriculture. Market recap (Changes on week as of Monday's close): - May 2024 corn flat at $4.35 - December 2024 corn down $.01 at $4.73 - May 2024 soybeans down $.04 at $11.81 - November 2024 soybeans up $.02 at $11.84 - May soybean oil down 0.34 cents at 47.90 cents/lb - May soybean meal up $2.60 at $336.00/short ton - May 2024 wheat up $.08 at $5.65 - July 2024 wheat up $.08 at $5.80 - May WTI Crude Oil up $2.43 at $85.61/barrel Weekly Highlights • The February JOLTS (U.S. Bureau of Labor Statistics) report showed job opening in February totaled 8.8 million matching expectations, while the number of people quitting jobs rose slightly to 3.5 million. • US crude oil stocks excluding the strategic petroleum reserve increased 135 million gallons last week after being up 133 million gallons the week prior. Conversely gasoline stocks declined 179 million gallons and distillate stocks decreased 43 million gallons. Crude Oil prices broke above $90/ barrel last week on middle east tensions but broke lower to start the week on reports of de-escalation. • Ethanol production increased to 315 million gallons on the week- up from 310 the week prior and 295 the same week in 2023. Ethanol production continues to run at historically high levels. Gasoline demand was up 6%. Ethanol stocks rose 14 million gallons. • Open interest of Chicago grains and oilseeds was up for wheats (+3.6%), Corn (+1.9%), soybeans (+3.1%), Soybean Oil (+2.5%), soybean meal (+2.6%), and Cotton (+0.8%), while being down for rough rice (-0.7%). • Managed money traders reduced their net shorts in Chicago wheats 2,322 contracts while increasing their net shorts of corn- 7,826 contracts and soybeans 3,476 contracts. Money managers do not seem concerned about being historically short in corn and soybeans. • Export sales of US grains and oilseeds were rather weak for the week ending March 28th. Corn, soybean, soybean oil, grain sorghum, and wheats were all down week over week. Soybean sales of 7.1 million bushels were below all pre-report estimates. • Export inspections were mixed. Corn export inspections of 55.9 million bushels exceed all expectations, wheat inspections of 18.3 million bushels were on the top end of expectations while soybean inspections of 17.8 million bushels were the lowest since early September. • Planting progress was slow with several broad storms moving through the Midwest. Corn planting increased 1% to 3%, which is slightly ahead of the 3-year average of 2%. Rice planting was up 9% to 23% while cotton planting was reported at 4% up from 3%. • The winter wheat conditions rating was unchanged at 348 (a perfect score is 500). Up from 276 last year. Kansas at 338 was up from 220 last year. Oklahoma at 365 was up from 260 last year and Test at 324 was up from 250 last year. • The March Job Reports showed nonfarm payroll in the US at 303,000 up from 270,000 in February and analyst expectations of 200,000. • The US unemployment rate also fell to 3.8% down from 3.9% and stayed below 26th month in a row, the longest stretch since the 1960s. Topics: - Market recap - Sideways commodity trading - U.S. Jobs & job openings report updates - Crude oil stocks building - April WASDE pre-report expectations - Planting progress - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formerly Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: USDA lowers corn and principal acreage expectations. cover art

Weekly Commodity Market Update: USDA lowers corn and principal acreage expectations.

This week Will and Ben discuss USDA's updated acreage expectations. Market recap (Changes on week as of Monday's close): - May 2024 corn down $0.01 at $4.35 - December 2024 corn up $.01 at $4.74 - May 2024 soybeans down $.16 at $11.85 - November 2024 soybeans down $.10 at $11.82 - May soybean oil down 0.47 cents at 48.24 cents/lb - May soybean meal down $6.00 at $333.40/short ton - May 2024 wheat up $.06 at $5.57 - July 2024 wheat up $.05 at $5.72 - May WTI Crude Oil up $1.65 at $83.18/barrel Weekly Highlights • Consumer sentiment climbed to a 2 ½ year high as American’s express increased confidence that inflation will continue to ease and reduce the financial strain on households. • Consumer spending in February rebounded after a sluggish start to the year as household spending rose 0.8% in February to market the biggest increase in 13 months. Economists had anticipated 0.5%. • US crude oil stocks, excluding the strategic petroleum reserve, increased 133 million gallons on the week. Gasoline stocks increased 55 million gallons while distillate stocks fell 50 million gallons. US gasoline demand was down 1% on the week. • Ethanol production increased just slightly to 310 million gallons produced on the week- up from 308 million the week before and 295 million the same week last year. With the higher ethanol production and lower gasoline demand- ethanol stocks increased just slightly on the week indicating a solid week of ethanol exports. • Grain crushed for ethanol through February now totals 2,714 million bushels- up 166 million bushels over the same period last year. • USDA’s planting intentions report indicated US producers will plant just over 90 million acres of corn in 2024- down 1.8 million acres from analyst expectations ahead of the report. Soybean acreage of 86.510 compared to 86.530 million in expectations. Principal crop acres were down 6.3 million acres. Grain stocks all increased year over year but were as expected. • Open interest of Chicago futures and options positions increased for Chicago corn (0.9%), soybeans (2.8%), Soybean oil (0.3%), and cotton (0.7%) while falling for wheats (-1.5%), soybean meal (-0.9%) and rough rice (-6%). • Managed money traders increased their net shorts of Chicago wheats (16,313 contracts) and Chicago corn (8,742 contracts) while shrinking their net short of soybeans (13,559 contracts). Producers and merchants were big sellers of soybeans while buying back corn and wheats. • Export sales of US grains and oilseeds were mixed: corn sales of 47.5 million bushels were on the high side of expectations and wheat sales of 12.5 million bushels were above all expectations. Soybean sales of 9.7 million bushels were half of the week prior and below all trade expectations. • Export inspections of US grains and oilseed to international markets were supportive on the most recent week. Corn exports of 56.4 million bushels came in above all pre-report expectations and a marketing year high while wheat exports were on the high side of expectations. With strong exports the corn deficit remained unchanged at 22 million bushels. • The First Crop Progress report of the year showed US corn planted at 2%- the same as last year. Cotton planted at 3% comparted to 4% last year. • The initial winter wheat conditions score of 348 compares to 279 last year and a 3-year average of 313. (500 is a perfect score). Topics: - Market recap - What's ahead for corn futures - USDA grain stocks & prospective plantings review - Corn, soybean acreage - Drop in principal acreage - Corn usage - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Weekly Commodity Market Update: Expected farm income challenges could lead to farm consolidation. cover art

Weekly Commodity Market Update: Expected farm income challenges could lead to farm consolidation.

This week Will and Ben discuss how interest rates and acreage expectations are guiding the market. Market recap (Changes on week as of Monday's close): - May 2024 corn flat at $4.36 - December 2024 corn up $.03 at $4.73 - May 2024 soybeans up $.14 at $12.01 - November 2024 soybeans up $.12 at $11.91 - May soybean oil flat at 48.71 cents/lb - May soybean meal up $7.50 at $339.40/short ton - May 2024 wheat up $.09 at $5.51 - July 2024 wheat up $.09 at $5.67 - May WTI Crude Oil flat at $81.49/barrel Weekly Highlights • The US market remains strong. The home builder confidence index reached its highest level since July 2023 while housing starts, building permits and existing home sales all exceeded expectations. With higher interest rates, all-cash buyers made up a third of homes sales- the largest since 2011. New home sales 0.3% in February. • The Federal Reserve’s Open Market Committee unanimously decided to hold interest rats at 5.25-5.50 percent but reiterated that it still planned to cut interest rates three times in 2024. • Key outlook measures released quarterly by the Federal Reserve moved in opposite directions for rate cuts. Unemployment was revised down and inflation index was revised up compared to December. • US crude oil stocks decreased 82 million gallons on the week. Gasoline stocks were also down 139 million gallons with seven straight weeks of declines drawing down stocks nearly 1 billion gallons. Distillate stocks were up 26 million gallons. • Ethanol production increased to 308 million gallons on the week- up 7 million gallons from the week before. Domestic gasoline consumption was down 3% on the week. With the larger ethanol production and softer gasoline consumption, ethanol stocks increased just slightly by 10 million gallons. • US export sales of grain and oilseeds were mixed- corn, grain sorghum, and wheat sales were down week over week, but soybean sales were up. Everything was within expectations even though there were net cancelations of wheats driven by soft red winter and white. • Weekly grain and oilseed export inspections were again supportive this week with 48.3 million bushels of corn, 28.2 million bushels of soybeans and 11.6 million bushels of wheats. Everything was in the range of expectations, but soybeans continue to run a little stronger than we saw at this time last year. Topics: - Market recap - Commodities finding support - Federal Reserve planning on interest cuts - Corn, soybean acreage - USDA grain stocks & prospective plantings preview - Reports to watch Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

U.S. corn acreage could come in higher than expected | Weekly Commodity Market Update for 3/19/24 cover art

U.S. corn acreage could come in higher than expected | Weekly Commodity Market Update for 3/19/24

This week Will and Ben breakdown the U.S. acreage picture for corn and soybeans as planting in parts of the Midwest heats up. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ May 2024 corn down $0.04 at $4.36 ➡︎ December 2024 corn down $.02 at $4.70 ➡︎ May 2024 soybeans up $.07 at $11.87 ➡︎ November 2024 soybeans up $.07 at $11.80 ➡︎ May soybean oil up 2.11 cents at 48.70 cents/lb ➡︎ May soybean meal down $6.20 at $331.90/short ton ➡︎ May 2024 wheat down $.04 at $5.42 ➡︎ July 2024 wheat down $.02 at $5.57 ➡︎ May WTI Crude Oil up $4.46 at $81.60/barrel ==================== Weekly highlights: ==================== ➡︎ Initial jobless claims last week of 209,000 were down from expectations of 218,000 and 210,000 the week prior. ➡︎ The Producer Price Index jumped 0.6% in February- the largest monthly gain since last August. This was above expectations of 0.3% rise in PPI. ➡︎ Weekly CTFC data showed that open interest in Chicago Futures and Options was up across the board for the second consecutive week. Chicago Wheats (1.7%), corn (2.4%) and beans (2.6%). ➡︎ Managed money traders increased their net short of Chicago Wheats 7,992 contracts while also decreasing their large net short of Chicago Corn 40,867 contracts and Chicago soybeans 16,862 contracts. Net gains for corn and soybean oil were much larger than expected by daily trade estimate, with soybeans close, while Chicago wheat more negative than expected. ➡︎ US Crude oil stocks decreased for the first time in seven weeks- falling just slightly by 65 million gallons. Gasoline stocks fell much further- down 238 million gallons to extend the tightening to six consecutive weeks. Distillate fuel stocks were up just slightly by 37 million gallons. Gasoline demand was flat on the week after being up 6% week prior. ➡︎ Ethanol production pulled back to 301 million gallons produced on the week- down 10 million gallons. It was also the lowest volume in 2 ½ months. It is expected 101.4 million bushels of corn were used in the process. With flat gasoline consumption and slightly lower ethanol production- ethanol stocks pulled back just slightly. ➡︎ The National Oilseed Processors Association reported their members crushed 186.2 million bushels of soybeans in February, a new monthly record for February and above the most bullish pre-report estimate. Soybean oil use in February of 2,027 million pounds was also a new record for the month. ➡︎ US export sales last week were all within expectations but showed weekly increases for corn and soybean meal with weekly decreases for soybeans, soybean oil, grain sorghum, and wheats. Corn was on the higher end of expectations with soybeans on the lower end. ➡︎ Weekly US grain and oilseed export inspections were mixed last week. Everything was within expectations but corn was on the high side of expectations while wheats were on the low side. ➡︎ USDA reported a two-point increase in Kansas winter wheat ratings this week, to 55% good/excellent, TX up 2% to 46% good to excellent; OK ratings feel four points to 61% good to excellent while CO rose 9% to 65% good to excellent. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Soybean market continues to find support ➡︎ Potential acreage shifts ➡︎ Planting discussion ➡︎ Fed to meet, interest rates in balance ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

U.S. soybean market finds support | Weekly Commodity Market Update for 3/12/24 cover art

U.S. soybean market finds support | Weekly Commodity Market Update for 3/12/24

This week Will and Ben look at USDA's most recent supply and demand estimates and breakdown movement in the soybean and wheat markets. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ May 2024 corn up $0.10 at $4.40 ➡︎ December 2024 corn up $.09 $4.72 ➡︎ May 2024 soybeans up $.25 at $11.80 ➡︎ November 2024 soybeans up $.27 at $11.73 ➡︎ May soybean oil up 1.42 cents at 45.17 cents/lb ➡︎ May soybean meal up $3.60 at $337.10/short ton ➡︎ May 2024 wheat down $.18 at $5.46 ➡︎ July 2024 wheat down $.08 at $5.59 ➡︎ May WTI Crude Oil down $.83 at $77.34/barrel ==================== Weekly highlights: ==================== ➡︎ Economically initial jobless claims of 215,000 came in a little higher than expectations of 210,00 and the 202,000 the week prior. ➡︎ The Federal Reserves preferred measure of inflation the PCE index rose to 0.3% in January as expected- up from 0.1% in December. ➡︎ Weekly CTFC data showed that open interest in Chicago Futures and Options was down across the board for Chicago Wheats (-6.6%), corn (-7.7%) and beans (-11.1%). ➡︎ Managed money positions of Chicago futures and options was mixed: for feed grains like wheat traders reduced their new short by buying back 11,983 contracts. The same was true for corn with managed money funds buying back 47,474 contracts to reduce the next short below -300,000 contracts again. It was also the first net buy for corn this calendar year. Managed money funds continued to sell off soybeans with another -23,976 net contracts. ➡︎ Crop Insurance projected prices for 2024 spring crops are finalized. Corn projected price of $4.66 is 27% lower than last year while the soybean projected price of $11.55 is 16% lower than 2023 levels. ➡︎ US Crude oil stocks increased for the fifth consecutive week while oil prices rallied on news of further OPEC+ production cuts. Gasoline stocks fell another 119 million gallons to extend the trend to a fourth week. Distillate fuel stocks were down 21 million gallons. Gasoline demand was up 3% on the week but 7% below the same week last year. ➡︎ Ethanol production decreased just slightly to 317 million gallons down from 319 million gallons last week. Ethanol stocks increased 22 million gallons on the slightly smaller production. Corn used for ethanol production exceed the same period last year by 4% matching the increase USDA anticipates for the year. ➡︎ US grain and oilseed export sales were all within expectations for the current marketing year. Corn, grain sorghum, soybean, and wheat sales were all up week over week. While the volumes increased on the week they still are not bullish. ➡︎ US grain and oilseed export inspections were all within expectations. Soybean export inspections, while still at a seasonal deficit, have surprisingly experienced higher than expected volumes lately given the lack of fresh sales and logistical competition from South America. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Soybean market gets a boost ➡︎ Wheat drops ➡︎ Ethanol production ➡︎ Inflation up on month ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Potential market impact of Biden fuel policy | Weekly Commodity Market Update for 3/5/24 cover art

Potential market impact of Biden fuel policy | Weekly Commodity Market Update for 3/5/24

This week Will and Ben break down what future fuel policy could mean for agriculture. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ May 2024 corn up $0.09 at $4.30 ➡︎ December 2024 corn up $.06 $4.63 ➡︎ May 2024 soybeans up $.10 at $11.55 ➡︎ November 2024 soybeans up $.17 at $11.46 ➡︎ May soybean oil up 0.15 cents at 45.17 cents/lb ➡︎ May soybean meal up $4.90 at $333.50/short ton ➡︎ May 2024 wheat down $.10 at $5.64 ➡︎ July 2024 wheat down $.10 at $5.67 ➡︎ May WTI Crude Oil up $1.08 at $78.17/barrel ==================== Weekly highlights: ==================== ➡︎ Economically initial jobless claims of 215,000 came in a little higher than expectations of 210,00 and the 202,000 the week prior. ➡︎ The Federal Reserves preferred measure of inflation the PCE index rose to 0.3% in January as expected- up from 0.1% in December. ➡︎ Weekly CTFC data showed that open interest in Chicago Futures and Options was down across the board for Chicago Wheats (-6.6%), corn (-7.7%) and beans (-11.1%). ➡︎ Managed money positions of Chicago futures and options was mixed: for feed grains like wheat traders reduced their new short by buying back 11,983 contracts. The same was true for corn with managed money funds buying back 47,474 contracts to reduce the next short below -300,000 contracts again. It was also the first net buy for corn this calendar year. Managed money funds continued to sell off soybeans with another -23,976 net contracts. ➡︎ Crop Insurance projected prices for 2024 spring crops are finalized. Corn projected price of $4.66 is 27% lower than last year while the soybean projected price of $11.55 is 16% lower than 2023 levels. ➡︎ US Crude oil stocks increased for the fifth consecutive week while oil prices rallied on news of further OPEC+ production cuts. Gasoline stocks fell another 119 million gallons to extend the trend to a fourth week. Distillate fuel stocks were down 21 million gallons. Gasoline demand was up 3% on the week but 7% below the same week last year. ➡︎ Ethanol production decreased just slightly to 317 million gallons down from 319 million gallons last week. Ethanol stocks increased 22 million gallons on the slightly smaller production. Corn used for ethanol production exceed the same period last year by 4% matching the increase USDA anticipates for the year. ➡︎ US grain and oilseed export sales were all within expectations for the current marketing year. Corn, grain sorghum, soybean, and wheat sales were all up week over week. While the volumes increased on the week they still are not bullish. ➡︎ US grain and oilseed export inspections were all within expectations. Soybean export inspections, while still at a seasonal deficit, have surprisingly experienced higher than expected volumes lately given the lack of fresh sales and logistical competition from South America. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Crop market levels out ➡︎ Managing input costs ➡︎ Coming Biden administration fuel policy ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Managing operation costs as prices fall | Weekly Commodity Market Update for 2/27/24 cover art

Managing operation costs as prices fall | Weekly Commodity Market Update for 2/27/24

University of Missouri’s senior research associate Ben Brown and Brownfield Reporter Will Robinson break down the changing market trends and biggest issues for those producing commodity crops. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ March 2024 corn down $0.13 at $4.07 ➡︎ December 2024 corn down $.05 $4.57 ➡︎ March 2024 soybeans down $.49 at $11.36 ➡︎ November 2024 soybeans down $.30 at $11.29 ➡︎ March soybean oil down 0.97 cents at 45.02 cents/lb ➡︎ March soybean meal down $15.60 at $334.40/short ton ➡︎ March 2024 wheat up $.11 at $5.77 ➡︎ July 2024 wheat up $.11 at $5.77 ➡︎ March WTI Crude Oil down $.44 at $77.54/barrel ==================== Weekly highlights: ==================== ➡︎ Economically initial jobless claims of 201,000 came in well below expectations of a week over week increase to 216,000. Existing home sales also beat the prior period and all expectations. ➡︎ Weekly CTFC data showed that open interest in Chicago Futures and Options was up slightly for Chicago Wheats (0.9%) and corn (0.7%) and up more significantly for soybeans (3.2%). ➡︎ Managed money traders continue to sell Chicago grains and oilseeds. The net short for corn increased 26,391 contracts which took them over the previous record in 2019. Managed money was also a seller of Chicago soybeans by 2,177 contracts and Chicago wheats by 18,135. ➡︎ US Crude oil stocks increased for the fourth consecutive week to help tamper fears about increasing crude oil prices. Gasoline, distillate and ethanol stocks all fell on the week. Gasoline demand was basically flat on the week but remains 8% below last years levels. ➡︎ Ethanol production increased again this week to 319 million gallons up just slightly from last weeks 318 million gallons. Corn used for ethanol production exceed the same period last year by 102 million bushels. ➡︎ US grain and oilseed sales were pretty bearish to end the week Friday. Everything was lower week over week except grain sorghum (But they were coming off a negative week). US soybean and wheat sales came in below pre-report expectations and were bearish to the market. ➡︎ US grain and oilseed export inspections were mixed to slightly bullish this week. Corn export inspections to all destinations exceeded expectations. Wheat shipments were also on the higher end thanks to increased hard red spring wheat shipments. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Crop market continues downward spiral ➡︎ South American production declines ➡︎ U.S. export inspections ➡︎ Operating with grain in the bin ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

Crop markets likely to continue fall | Weekly Commodity Market Update for 2/20/24 cover art

Crop markets likely to continue fall | Weekly Commodity Market Update for 2/20/24

This week Will and Ben track falling crop prices and where they might be headed. Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/ Find more agriculture news here: https://brownfieldagnews.com/ ==================== Market recap (changes on week as of Monday's close): ==================== ➡︎ March 2024 corn down $0.12 at $4.20 ➡︎ December 2024 corn down $.08 $4.62 ➡︎ March 2024 soybeans down $.08 at $11.85 ➡︎ November 2024 soybeans down $.09 at $11.59 ➡︎ March soybean oil down 1.45 cents at 45.99 cents/lb ➡︎ March soybean meal up $3.50 at $350.00/short ton ➡︎ March 2024 wheat down $.27 at $5.66 ➡︎ July 2024 wheat down $.29 at $5.66 ➡︎ March WTI Crude Oil up $.86 at $77.97/barrel ==================== Weekly highlights: ==================== ➡︎ Two separate measures of inflation came in hotter than anticipated. The Consumer Price Index came in at 3.1% year over year vs expectations of 2.9%. Similarly, the Producer Price Index came in at 0.9% month over month vs expectations of 0.1% increase and -0.1% in January. ➡︎ Weekly CTFC data showed that open interest in Chicago Futures and Options was down 2.3% for Chicago Wheats, up 2.1% for corn and up 1.4% for soybeans. ➡︎ Managed money traders continue to sell Chicago corn and soybean contracts. The net short for corn increased 16,597 contracts which took them over the philosophical threshold of 300,000 contracts. The record was set in April 2019 at just over 322,000 contracts. Managed money was also a seller of Chicago soybeans by 4,200 contracts to 134,500 contracts. The record for soybeans was May 2019 at just under 190,000 contracts. ➡︎ Crude oil stocks excluding the strategic petroleum reserve increased 505 million gallons for the week leaving them 7% below last year. Gasoline stocks declined 153 million gallons but 2% higher than this same week last year. Distillate stocks were down 80 million gallons and are 5% higher than last year. West Texas Intermediate Oil prices are creeping back up to $80 per barrel after reaching the low $70 range in early February. ➡︎ Ethanol production increased again this week to 318 million gallons. Corn used for ethanol production exceed the same period last year by 97 million bushels. Ethanol stocks increased 43 million gallons. ➡︎ The National Oilseed Processors Association reported soybean crush numbers that disappointed the market. Soybean crush for January came in at 185.8 million bushels- four million less than the trade had anticipated, although still a January monthly record. Even though soybean crush was lower, soybean oil stocks also grew and were above all expectations implying January soybean oil use was rather bearish. ➡︎ At USDA’s annual Agricultural Outlook Forum, the agency released their first balance sheets for 2024/25 marketing year. The numbers were bearish to new crop supplies but not as bearish as many in the industry were anticipating. ➡︎ US grain and oilseed export sales were mixed last week. For corn- export sales of 51.4 million bushels were a 9-week high while soybean sales of 13.0 million bushels and wheat sales of 12.8 million bushels were both on the low end of expectations. There were net cancelations of grain sorghum sales amounting to 100,000 bushels for the current year and cancelations of all 2.4 million bushels of 2024/25 sales. There are no grain sorghum commitments for next year at this point after reaching 7.5 million bushels a few weeks ago. ==================== Topics: ==================== ➡︎ Market recap ➡︎ Crop market continues general fall ➡︎ Added trade support? ➡︎ USDA Ag Outlook Forum bearish ➡︎ Reports to watch ==================== Connect with us: ==================== ➡︎ X (formally Twitter): https://twitter.com/brownfield ➡︎ Facebook: https://www.facebook.com/BrownfieldAgNews ==================== Subscribe and listen to Brownfield Ag News: ==================== ➡︎ Apple: https://podcasts.apple.com/dz/podcast/brownfield-ag-news/id1436508505 ➡︎ Spotify: https://open.spotify.com/show/4qoIHY9EYUV9sf5DXhBKHN?si=a4483aaa1afd445e Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

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