Ag Update: July 8th, 2024

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

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.

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