Market Summary
1. Corn Market Outlook
- Crop Progress: Corn crop ratings up 1% to 65% G/E, with MN showing significant improvement.
- Yield Reports: Mixed early yield reports, with some corn stressed by moisture and heat.
- Ethanol Production: 1.049 million bpd, down 31,000 bpd from the previous week.
- CONAB Outlook: Corn output rising by 3.6% vs last year, Brazil's crop at 119.8 MMT.
- La Nina: Expected to bring rains to Northern Brazil and dryness to Argentina and southern Brazil.
- Weather: Central US expected to see rains starting this weekend, benefiting winter wheat and cover crops.
2. CBOT December 2024 Corn Futures
- Current Market Values: Not specified in the summary.
- USDA Crop Progress: 9% of corn harvested, 1 point ahead of last year and 3 points ahead of 5-yr average.
3. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Average $139 per short ton, up $1 from the previous report.
- Ethanol Production: 1,049 thousand bpd, down 31 tbpd from the previous week.
4. Ocean Freight Markets and Spreads
- Hurricane Francine: Made landfall between New Orleans and Lake Charles, no significant damage reported.
- River Systems: Low water levels in various navigable river systems globally, impacting transport costs.
- ILA Strike: No new reports of contract negotiations, potential strike on October 1.
- Red Sea: No new attacks reported, vessels continue to divert routes.
- Baltic Dry Index: Dropped 73 points to 1,890, with Panamax and Supramax sectors showing strength.
5. U.S. Export Statistics
- Corn: Net sales of 847,400 MT for 2024/2025, primarily to Mexico, Spain, and Japan.
- Barley: No net sales or exports reported for the week.
- Sorghum: Total net sales of 6,600 MT to China, exports of 60,700 MT to China.
