This week Will and Ben scope out the crop market's focus on South American weather.
Market recap (Changes on week as of Monday's close):
- March 2024 corn down $0.04 at $4.81
- December 2024 corn down $0.03 $5.10
- January 2024 soybeans up $.30 at $13.36
- November 2024 soybeans up $.15 at $12.88
- January soybean oil flat at 51.24 cents/lb
- January soybean meal up $4.90 at $413.20/short ton
- March 2024 wheat down $.11 at $6.09
- July 2024 wheat down $.18 at $6.25
- January WTI Crude Oil down $1.87 at $71.73/barrel
Weekly Highlights
- US ethanol production increased to 316 million gallons from 297 million gallons the week before. Utilizing roughly 106.6 million bushels of corn- this was the largest week since mid-July.
- Ag export sales were all with in pre-report expectations but down relative to the previous weeks volume across all grain and oilseeds.
- The December WASDE Report contained almost no changes for grain and oilseed production and consumption.
- Ag export inspections were all within pre-report expectations. However, it was a relatively low volume week for both corn and soybeans that fell below recent levels and historical norms. The historical difference is largest for soybeans.
Topics:
- Market recap
- Soybeans continue fall
- Chinese export demand
- South American moisture
- South American planting update
- Reports to watch
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