Grains:
– Corn yield slightly better than August
– Corn supply and demand at 2,057 million bushels
– Average corn yield guess was 207 bushels per acre
– Soybean yield unchanged
– Soybean supply and demand at 515 million bushels
– Average soybean yield guess was 565 million bushels
– USDA kept China’s soybean imports under 9 million tons, while private estimates are 10 million tons
– USDA lowered China’s corn imports by 2 million tons
Cocoa:
– Cocoa market near unchanged overnight, trading at the highest level since August 30
– Support at 7,335 and 7,186, resistance at 7,796 and 7,970 for December cocoa (Opinion)
Coffee:
– December Coffee has taken out last month’s contract high intra day for Friday’s session
– Robusta prices in Vietnam increased 1.5 to 1.8%
Cotton:
– USDA lowered cotton production to 14.51 million bales from 15.11 million last month
– Yield average dropped to 807 pounds per acre from 840 last month
– USDA lowered cotton exports to 11.8 million bales from 12 million last month
– Ending stocks at 4 million bales from 4.5 million last month, stock-to-usage ratio at 29.2% from 32.4% last month
Sugar:
– Center South Brazil production for second half of August down 6% from last year
– Punitive production up only 3.9% from a year ago, down from 15.7% above a year ago in June
– USDA lowered forecast for US sugar imports to 2.53 million short tons from 2.93 to 3 million in August and 3.83 to 4 million last year
Energy:
– Over 730,000 barrels per day of US Gulf production shut down by Hurricane Francine,
– EIA lowered 2024 demand growth forecast by over 7% to 900,000 barrels per day
– Natural gas storage up 40 BCF from previous week, smallest increase for this week in at least 5 years
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