Written Commentary
CORN
Corn futures ended higher. US weekend should be warm and dry. Scattered rains and moderate temps return next week. USDA est US 2023/24 total corn supply near 16,732 mil bu vs 15,066 ly. US crop is up 1,691 mil bu vs ly. USDA also est total demand near 14,855 vs 13,706 ly. Feed and residual is up 289, Ethanol up 274 and exports up 563. End stocks 1,877 vs 1,360. Ave farm price 4.65 vs 6.54 ly. USDA est US 2024/25 total corn supply near 17,002 mil bu. US crop is up 240 mil bu. USDA also est total demand near 14,905. Feed and residual is up 75, Ethanol use unch and exports up 25. End stocks 2,097. Ave farm price 4.30.
SOYBEANS
US stocks ended higher. Crude is lower. US Dollar is lower. Uncertain Middle East weekend adds to energy and currency markets volatility and some risk off. Soybean futures are higher. US weekend should be warm and dry. Scattered rains and moderate temps return next week. USDA est US 2023/24 total soybean supply near 4,449 mil bu vs 4,569 ly. US crop is down 105 mil bu vs ly. USDA also est total demand near 4,103 vs 4,305 ly. Crush is up 78 and exports down 280. End stocks 345 vs 264. Ave farm price 12.50 vs 14.20 ly. USDA est US 2024/25 total soybean supply near 4,795 mil bu. US crop is up 125 mil bu. USDA also est total demand near 4,360. Crush is up 135 and exports up 25. End stocks 435. Ave farm price 11.10. China may be back buying US soybeans.
WHEAT
US equities were lower. Crude is lower. Uncertain Middle East weekend adds to energy and currency markets volatility and some risk off. Wheat futures are higher. Black Sea remains dry. USDA est US 2024/25 total wheat supply near 2,815 mil bu. US crop is up 206 mil bu. USDA also est total demand near 1,959. Exports up 118. End stocks 856 vs 702 ly. HRW 360 vs 280 ly. SRW 136 vs 126 ly. HRS 230 vs 190 ly. Ave farm price 5.70 vs 6.96 ly.
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