SOYBEANS FALL AS CORN FINISHES MODESTLY LOWER
U.S. export sales were a marketing year low at just 6 million bushels, reflecting Brazil’s hold on the market due to a price advantage. Last week’s big buyers of U.S. soybeans were China and Egypt. Near-term weather for Argentina does look hot and dry, with a chance for rain late next week. Soybean meal was lower on profit taking, which also impacted beans and pulled bean oil lower. The USDA says December’s soybean crush was a record for any month at 204 million bushels, up 4 million on the month and 17 million on the year, with soybean meal and oil production also rising.
Corn is monitoring development conditions in Argentina and second crop planting in Brazil. Exports have slowed down, but it was a bullish week for sales, shipments remain ahead of last marketing year, and Mexico bought 206,834 tons of 2023/24 Thursday morning. 2023/24 U.S. corn sales last week were 47.5 million bushels, with Japan and Mexico leading the way, and there were another 5.7 million bushels sold for 2024/25 delivery to Japan and Mexico. The USDA says 481.699 million bushels of corn were used for ethanol production during December, an increase of 5% from November. DDGS production of 1,950,562 tons, 9% higher than the month before. The USDA’s attaché in Ukraine says 2023/24 corn production was 30.555 million tons, with exports this marketing year seen at 29.2 million tons.
Export sales were bearish due to Russia’s dominance, also which is also pressuring global prices. Sales last week were 11.8 million bushels, mostly hard red spring and white wheat, with the Philippines and Japan topping the list. . Drought conditions have eased in most U.S. winter wheat growing areas, but drier than ideal soils are still present in parts of the hard and soft red winter regions. The USDA says 226.126 million bushels of wheat were used for flour production during the fourth quarter of 2023, a decrease of 2% from Q3. USDA’s attaché in Ukraine says 2023/24 wheat production totaled 23.141 million tons, with exports pegged at 17.7 million tons.
(Link: brownfieldagnews)
