Bringing focus to agricultural market news and price reporting
Spotlight
Sentiment among US agricultural producers jumped in November, with the main driver being producers’ confidence in the future, the Purdue University/CME Group Ag Economy Barometer survey showed on Tuesday December 3.
Brazilian soybean sowing reached 90% of the projected area of 47.3 million hectares in the week ended December 1, a weekly advance of 6.7 percentage points, Fastmarkets heard.
Brazil’s Mato Grosso agricultural state agency IMEA increased its estimate for the state’s second corn crop area by 0.7% to 6.84 million ha from the previous month’s forecast, and its production output by 0.68% to 45.8 million tonnes, while keeping its estimates for the 2024/25 soybean crop unchanged, IMEA’s weekly report showed on Monday December 2.
Japan's Ministry of Agriculture has issued an international tender to purchase 111,405 tonnes of wheat from the US, Canada, and Australia for loading in January-March, an official note published by the ministry on Tuesday December 3 shows.
Headlines
Market Commentary
Wheat Commentary
US wheat futures were mixed for a second session on Tuesday December 3, with market participants awaiting fresh headlines before making big bets on movement in either direction.
Corn Commentary
US corn futures declined modestly by midday on Tuesday December 3, with global harvest pressure and a rise in speculative short positions weighing on the market.
Soybean Commentary
Soybean futures went up on the Chicago Mercantile Exchange on Tuesday December 3, supported by a drop in the US Dollar Index, a climb in crude oil and derived products and a record US crush in October, which offset downward pressure from rain over Brazil’s main agricultural area.
Vegoils Commentary
Vegoils futures and outright prices trended mostly higher on Tuesday December 3, amid tight palm supply prospects in Southeast Asia and higher crude oil prices.
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Editor's Pick
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.
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.
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.
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.
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Indonesia has set its crude palm oil (CPO) reference price for December at $1,071.67 per tonne, Indonesia's MInistry of Trade said in an official note on Friday November 29.
Russia’s customs subcommittee has approved a wheat export quota for the second half of the marketing year – from February 16 to June 30 – of 11 million tonnes, but has not set any quota for barley or corn, essentially meaning that exports of these products will not be possible, Russian news agency Interfax has reported.
The Turkish government is to further reduce import duties on sunflower seeds from the start of 2025 to bolster support local farmers, according to an announcement in the Official Gazette of the Republic of Turkey.
The Russian government has continued to raise the export tariffs on wheat and corn, and also increased the tariff on barley for the period December 4-10, while the country’s national currency has lost 9% of its value, an update from the country’s agriculture ministry showed on Friday November 29.
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The European Union's weekly wheat exports amounted to 147,064 tonnes in the week to Sunday December 1, according to initial data from the European Commission.
The EU imported a total of 202,496 tonnes of soybeans in the week ended Sunday December 1, pushing the yearly total to 5.46 million tonnes, which is a 12% increase compared with the previous year, based on preliminary data from the European Commission.
Chinese state agencies will hold an auction for imported soybeans on Friday December 6, where around 62,000 tonnes of soybeans will be offered for sale, according to a note issued by the National Grain Trade Center (NGTC) on Tuesday December 3.
China’s soybean crush volume fell in the week to Friday November 29 to 1.89 million tonnes, according to data from the China National Grain and Oils Information Centre (CNGOIC).
Speculators in US corn, soybean and wheat contracts accumulated short positions in the week to Tuesday November 26, helping reduce the corn net long position while bolstering soybean and wheat net short positions, data from the Commodity Futures Trading Commission (CFTC) showed late on Monday December 2.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) slightly increased its 2024/25 marketing year forecast for the Australian wheat crop by less than 1%, while raising the export estimate by 5% compared with the previous report.
Corn consumed for alcohol and other uses in the US totaled 510 million bushels (12.95 million tonnes) in October, up by 3% from the previous month but down by less than 1% year on year, according to the USDA’s monthly Grain Crushings and Co-Products Production report released on Monday December 2.
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