Articles By Mark Shenk
The US Department of Agriculture increased its estimates for US wheat stocks for the 2024/25 marketing year, while leaving its domestic production forecast unchanged and slightly reducing its global stocks forecast.
US weekly net sales of wheat for the 2024/25 crop year totaled 374,700 tonnes during the week to October 31, down by 9% from the previous week and by 20% from the prior four-week average, the USDA said on Thursday November 7.
The USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report for November is projected to slightly trim estimates for both domestic and global 2024/25 crop ending stocks, according to analysts polled by Fastmarkets.
Sentiment among US agricultural producers bounced in October, with the main driver of the improvement being an increase in producers’ confidence in the future, the Purdue University/CME Group Ag Economy Barometer survey showed on Tuesday November 5.
The pace of the US corn harvest exceeded the five-year average and the expectations of market analysts in the week ended November 3, while the condition of the winter wheat crop improved, the US Department of Agriculture’s weekly crop report showed on Monday November 4.
Export inspections of US wheat declined by 34% to 193,523 tonnes during the week to Thursday October 31, from 294,657 tonnes in the previous week, according to data from the US Department of Agriculture (USDA) released on Monday November 4.
Speculators in the US corn market cut short positions, helping send the net short to the highest level since August 2023, while adding shorts in soybean and wheat contracts in the week to Tuesday October 29, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday November 1.
The USDA’s attaché in Turkey reported that it expects the country’s wheat, barley and corn production will decline in the 2024/25 marketing year because of dry weather, while the country still has immense inventories of wheat it is trying to liquidate.
US weekly net sales of wheat for the 2024/25 crop year totaled 411,400 tonnes during the week to October 24, down by 23% from the previous week and by 14% from the prior four-week average, the US Department of Agriculture said on Thursday October 31.
The USDA’s local attaché in Ukraine cut its estimate for the country’s corn output in the 2024/25 marketing year because of lower yields while slightly trimming the wheat production projection and increasing the barley production forecast.
The USDA attaché in Bulgaria reduced its forecast of the country’s corn production in 2024/25 to the lowest level in more than a decade because of summer heat and drought, while barley production will climb substantially and wheat output will be marginally higher.
The US Department of Agriculture’s (USDA) attaché in Argentina left his forecast of the country’s wheat and barley production in 2024/25 unchanged while cutting its corn output estimate, with wheat export projections boosted while exports of the other two grains were cut.
Export inspections of US wheat declined by 7.4% to 248,534 tonnes during the week to Thursday October 24, from 268,475 tonnes in the previous week, according to USDA data released on Monday October 28.
Speculators in the US corn and soybean markets, as well as in two of three wheat contracts, added short positions in the week to Tuesday October 22, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday October 25.
The USDA attaché in Australia reduced its forecast of the country’s wheat and barley production in 2024/25 because of inclement weather, although output will remain above the previous marketing year.
US weekly net sales of wheat for the 2024/25 crop year totaled 532,900 tonnes during the week to October 17, up by 6% from the previous week and by 38% from the prior four-week average, the US Department of Agriculture said on Thursday October 24.
The pace of the US corn and soybean harvests exceeded the five-year average and the expectations of market analysts in the week ended October 20, the USDA’s weekly crop report showed on Monday October 21.
Export inspections of US wheat declined by 29.4% to 268,375 tonnes during the week to Thursday October 17, down from 380,134 tonnes the previous week, according to USDA data released on Monday October 21.
Investors in the US corn and soybean markets added short positions in the week to Tuesday October 15, helping increase net short positions, data from the Commodity Futures Trading Commission (CFTC) showed late on Friday October 18.
US weekly net sales of corn totaled 2,225,700 tonnes for the 2024/25 crop year in the week ended October 10, up by 82% from the previous week and up “noticeably” from the previous four-week average, according to data from the US Department of Agriculture released on Friday October 18.