Corn:
- Prices up $0.02-$0.03
- Sept-24 peaked at $4, support at $3.90
- Dec-24 trading between 4.08 1/4 and 413 1/4
- Ethanol production increased to 1,106 thousand barrels per day (tbd), up 3.4% year-over-year
- 110.8 million bushels of corn used for ethanol, or 15.8 million bushels per day
- Ethanol stocks decreased to 23.2 million barrels
- Gasoline demand fell 6.5% to 8,783 tbd, down 1% year-over-year
Soybeans:
- Spot Aug-24 up $0.07, new crop down $0.02-$0.03
- Meal closed $2-$4 higher
- Oil closed 50-100 lower
- Aug-24 beans filled gap between $11.01 and $11.02 1/2
- Nov-24 beans consolidating below $10.50
- Spot board crush margins decreased $0.04 to $1.57/bushel
- China reportedly booked several metric tons of Brazilian soybeans in early July
- China potentially booked 6-7 US cargoes for late summer shipment
Wheat:
- Prices up $0.08-$0.14 across all 3 classes
- Sept-24 Chicago support at $5.25 1/4
- Algeria reportedly booking milling wheat at $241-$244/mt CF, around 600k metric tons
- German farmer co-op lowered wheat production forecast 6.2% to 20.2 million metric tons
General:
- US dollar index fell to a 4-month low
- Egypt’s GASC made largest wheat purchase in 2 years
- GASC tendering for vegetable oil for September shipment
Disclaimer: The risk of loss in Commodity Interest trading is substantial. Past performance is not indicative of future results. Any content presented should be viewed as a solicitation and an inducement to conduct business with AgOptimus. Market information presented is believed to be accurate as of the time of publication. Trading and investment decisions should be made at your own risk and only with risk capital. Be advised the views and opinions expressed herein do not necessarily reflect the current views or positions of AgOptimus and are subject to change at any time.