Market recap (changes on the week):
- September corn down $.40 at $5.97
- December corn down $.35 at $5.94
- August soybeans down $.44 at $14.78
- November soybeans down $.45 at $13.60
- August soybean oil down 1.82 cents/lb at 61.90
- August soybean meal up $.4/short ton at $433.30
- September wheat down $.46 at $8.10
Weekly Highlights:
- USDA’s July WASDE report showed growing stocks for old crop corn and soybeans based on the weak demand we’ve been experiencing lately. New crop corn supplies were also up month over month on high acreage while soybean stocks were decreased 50 million bushels with cuts to demand easing some of the production loss due smaller acreage.
- US ethanol production was down 39 thousand barrels per day last week to 1,0005 thousand barrels per day. I look for many plants to take maintenance breaks in the weeks ahead.
- After a very dismal export sales report a week ago- another soft report came last week. There were 2.3 million bushels of net new corn sales on the week after net cancelations the week before. However, there were 13.3 million bushels of net soybean cancelations this week and 100k net cancelations of grain sorghum. Wheat export sales were very strong at 37.4 million bushels beating all trader expectations and setting a high for the marketing year. Corn and soybeans export sales are roughly in line with USDA’s export targets but falling fast.
- The National Oilseed Processors Association reported 164.7 million bushels of soybeans during the month of June- nearly right in line with pre-report expectations, but down from the 171.1 million bushels last month. Cumulative Sep-June crush stands at 1.738 billion bushels, up 2% from last year's pace, with the USDA still looking for a 3% year over year crush increase this season, even after their 10 million bushels cut in the July WASDE Report.
- Soybean oil stocks at 1.767 billion pounds was at the top end of trader expectations and put a little bearish sentiment in the market.
- Covid is again spreading in China, this is leading to new restrictions with negative economic impacts.
- Grain export inspections on the week were up for corn but down for grain sorghum, soybeans, and wheat.
- National corn crop ratings remained at 64% good/ excellent: in line with both last year and the five and ten-year average. This followed four straight week-over-week declines. The national soybean crop rating for good/excellent feel a point to 61% with the largest declines coming in Ohio, Indiana, Missouri and Kansas.
- Canada published its Clean Fuel Regulations that are set to go into effect one year from now on July 1, 2023.
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