Market Summary
1. USDA WASDE Report Update
- Corn & Soybean Stocks: Reduced domestic and global ending stocks for corn and soybeans, mostly due to increased use for ethanol and higher export expectations.
- 2023/24 Corn Stocks: Decreased by 100 million bushels to 2,022 million bushels.
- 2024/25 Corn Crop: Lowered total supply by 269 million bushels, with increased ethanol use and exports.
- Soybean Stocks: No change for U.S. 2023/24 balance sheet, but world ending stocks reduced by 2.44 MMT.
- 2024/25 Soybean Crop: Reduced planted and harvested acres, increased beginning stocks, and lower production estimates.
2. CBOT July 2024 Corn Futures
- Current Market Values: Not specified in summary.
- U.S. Weather/Crop Progress: Barley planting progress good, but corn, soybeans, and sorghum planting behind last year's pace. Midwest planting progress slow due to weather.
3. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Averaged $171 per short ton, up $1 from the previous week.
- Ethanol Production: Increased 4% week-over-week to 1.00 million bpd.
4. Ocean Freight Markets and Spreads
- Baltic Dry Index: Decreased 14% to 1,889.
- Voyage Rates: Weaker, with Atlantic routes falling faster than Pacific routes.
5. U.S. Export Statistics
- Corn: Net sales down 17% from the previous week, with increases for Mexico, Japan, Colombia, Taiwan, and China.
- Barley: No net sales or exports reported.
- Sorghum: Net sales down 81% from the previous week, with exports primarily to China.
