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
