Quantitative Figures and Metrics Summary:
Grains:
– Soybean carry-out for 2022 at 385 million bushels, versus USDA at 350 million bushels
– Soybean carry-out for 2023 at 512 million bushels, with a yield of 53 bushels per acre
– Wheat carry-out for 2023 at 776 million bushels, 85 million bushels higher than USDA
– Wheat exports 65 million bushels higher than USDA
Livestock:
– Cattle kill down 4.5% year-to-date
– Choice boxed beef at $330.43, up $9 from the previous week
– Cash cattle prices $198-$200 in the Midwest, $190 in the Southwest
– Hog kill at 2,045,000 head, above year-ago levels
– CME PORK CUTOUT INDEX 07/03/2024 AT 95.22 DOWN 34 CENTS FROM PREVIOUS DAY
Cocoa Market:
– European cocoa grind data down 2.2% year-over-year
– North American cocoa grind data up 3.6% year-over-year
– ACES cocoa grind data down 0.2% year-over-year
Coffee Market:
– Brazilian coffee harvest 58% complete as of last Tuesday, up from 50% the previous week and 52% a year ago
– Brazilian coffee harvest 76% complete, up from 70% a year ago and 73% on average
– Brazil exported 139,000 tons of green coffee in June 2023, up from 139,000 tons in June 2022
Cotton Market:
– Cotton production forecast at 17.6 million bales, up from 16 million bales in June and 12.07 million bales a year ago
– Cotton ending stocks forecast at 5.7 million bales, up from 4.1 million bales in June and 2.85 million bales a year ago
Crude Oil:
– Baker Hughes oil rig count steady at 479, the lowest since 2021
– Crude oil stocks fell 12.2 million barrels last week, versus an expected decline of 700,000 barrels
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