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Soybean futures went up in a volatile session on the Chicago Mercantile Exchange on Friday November 8, after the USDA reduced its estimates for US soybean production and ending stocks below market estimates, while also reducing export and crush projections in its World Agricultural Supply and Demand Estimates (WASDE) report published on Friday.
Vegoils futures continued to rally on Friday November 8, lending support to Chicago soyoil, which was also underpinned by bullish USDA estimates for the soybean complex.
Australian wheat exports continued to drop in September, with total exports in the 2023/24 marketing year failing to reach the official target of 22.5 million tonnes. Total barley exports also missed the target despite China’s return to the market, monthly data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) showed on Friday November 8.
US corn futures rose on Friday November 8, with an unexpected drop in US production estimates from the USDA in the latest supply and demand update.
US wheat futures edged lower on Friday November 8 after the USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report unexpectedly increased US ending stocks estimates while trimming global ending stocks projections by less than previously forecast.
The US Department of Agriculture has reduced its estimate for US soybean production, exports, crush and ending stocks, landing below market participants’ average estimate, the World Agricultural Supply and Demand Estimates (WASDE) report showed on Friday November 8.
Fastmarkets’ weekly recap of the main movements in global cash markets.
Wheat output in the southern Brazilian state of Rio Grande do Sul increased to 4.12 million tonnes in the 2024 crop year, according to state agency Emater/RS, 1.2% above the previous estimate of 4.06 million tonnes and up by 57.2% from the 2.6 million tonnes harvested in 2023.
Soymeal futures spiked along with soybeans after the USDA released the November edition of its World Agricultural Supply and Demand Estimates (WASDE) report on Friday November 8, cutting back US soybean production figures.
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.
Chinese state agencies held an auction for imported soybeans on Friday November 8, where 89,895 tonnes of soybeans were offered though no sales were made, sources told Fastmarkets.
The USDA's World Agricultural Supply and Demand Estimates (WASDE) report update for November has revealed projections of lower US production and ending stocks.
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The German 12.5% FOB wheat APM for December loading was assessed at an €15 per tonne premium over the December Euronext contract...
Analysts at the Chinese agriculture outlook committee (CAOC) have kept their estimates for corn, soybeans and vegoils supply and demand in the 2024/2025 crop year unchanged from their October report in the latest China Agricultural Supply and Demand Estimates (CASDE) released on Friday November 8.
Brazilian soybean export estimates in 2024 were cut to 98 million tonnes, from the previous forecast of 99 million tonnes, due to smaller-than-anticipated shipments in October, while corn exports were reduced to 39.5 million tonnes, Brazilian grain exporters’ association Anec said in its weekly report on Thursday November 7.
Ukraine’s grain export volumes reached 900,000 tonnes in the week to Thursday November 7, marking a weekly increase of 6%, according to data released by the country’s State Customs Service on Friday November 8.
The French corn harvest advanced by 20 percentage points in the week to November 4, with 58% of the total planted area now harvested, according to the latest weekly report from the country’s farm office, FranceAgriMer, released on Friday November 8.
Canada’s grain and oilseed exports totaled 1.27 million tonnes during the week to Sunday November 3, a decrease of 258,300 tonnes, or 17%, from 1.52 million tonnes the previous week, according to data from the Canadian Grain Commission published on Friday November 8.
The Russian government only marginally changed the export tax for wheat, barley and corn export taxes for November 13-19, according to an update from the country’s agriculture ministry on Friday November 8.