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
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