Written Commentary
CORN
Corn futures are slightly lower. This weeks US ethanol production was up 5 pct and new all time high. Stocks were also up and highest since May 17. Weekly US old crop export sales were 167 mt, Total commit is near 55.2 mmt vs 40.1 last year. Slowing old crop sales could eventually lower USDA est of exports. New crop sales were 711 mmt. Mexico and unknown were best buyers. USDA est World 2023/24 corn trade at 200 mmt vs 180 the previous year. Brazil is 50 vs 54. US is 56.2 vs 42.2. Argentina is 37 vs 25. Ukraine 28 vs 27. USDA est China imports at 23.0 vs 18 previous year. In July. USDA est 2024/25 corn exports at 191 mmt. Brazil 49. US 56. Argentina 49. Ukraine 24. Stonex est Brazil 2025 corn crop at 123 mmt vs USDA 127. They est 2024 corn crop at 122 vs USDA 122.
SOYBEANS
Soybean futures ended lower. Weekly US old soybean export sales were 88 mt, Total commit is near 45.5 mmt vs 52.7 last year. Slowing old crop sales could eventually lower USDA est of exports. New crop sales were 632 mmt. Unknown was best buyer. USDA est World 2023/24 soybean trade at 175 mmt vs 171 the previous year. Brazil is 103 vs 95. US is 46 vs 54. USDA est China imports at 108.0 vs 104 previous year. In July. USDA est 2024/25 soybean exports at 180 mmt. Brazil 105. US 49. Stonex est Brazil 2025 soybean crop at 165 mmt vs USDA 169. They est 2024 soybean crop at 149 vs USDA 153.
WHEAT
Wheat futures are higher. Could be some short covering given fact futures are oversold. Weekly US wheat export sales were 286 mt. Total commit 8.3 mmt vs 5.8 ly. USDA est World 2024/25 wheat trade at 213 mmt vs 219 ly. Russia is 48 vs 55. EU 34 vs 37. US 22 vs 19. There is talk Russia crop could be lower and Ukraine exports be lower than USDA est.
Charts provided by The Hightower Report.
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