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Ag markets continue rise ahead of port strike | Weekly Commodity Market Update
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This week Will and Ben look at the importance of U.S. port strikes and the impact of the farm bill's expiration.
Chapters:
0:00 Introduction
0:57 Market recap
3:37 Port strike impacts
5:55 Farm bill expiration
11:05 Harvest progress
12:12 Reports to watch
Market recap (changes on week as of Monday's close):
» December 2024 corn up $.11 at $4.24
» December 2025 corn up $.04 at $4.54
» November 2024 soybeans up $.18 at $10.57
» November 2025 soybeans up $.15 at $10.94
» December soybean oil up 1.47 cents at 43.31 cents/lb
» December soybean meal up $12.90 at $341.60/short ton
» December 2024 wheat up $.02 at $5.84
» July 2025 wheat up $.04 at $6.21
» December 2024 cotton up 17 cents at 73.61 cents/lb
» December 2025 cotton up 20 cents at 73.37 cents/lb
» October WTI Crude Oil down $2.05 at $67.88/barrel
Weekly highlights:
US consumer confidence, as reported by the Conference Board, fell in September to a three-month low. Interestingly, a rival product, the University of Michigan Consumer Sentiment Index, showed an increase. Uncertainty in consumer confidence does not signal strong economic growth continuing.
US energy stocks of crude oil, gasoline, distillate fuels, and ethanol were all down last week- by 188, 65, 96, and 11 million gallons, respectively. Weekly implied gasoline demand was up 5% week over week and 7% higher than the same week in 2023.
US ethanol production pulled back again to 292 million gallons - down from 308 million gallons the week prior- this was the first week below 300 million gallons since early May. Ethanol exports have been a increasing use of US ethanol but have declined in September. August ethanol exports were up 25% from August 2023.
As of September 1st there were 76.480 million hogs and pigs in the US- up 0.5% from last year, but more than the 0.2% expected. The breeding stock was down 2.2% compared to last year nearly matching expectations. Pig per litter were up 0.9% vs +1.1% expectations. Pigs per litter was a record for any quarter.
Open interest in Chicago commodities were up week over week for wheats (+1.7%), corn (+2.0%), Soybean meal (+0.0%), and rough rice (+2.5%), while down for soybeans (-0.1%), soybean oil (-3.0%), and cotton (-0.5%).
Money managers were net buyers of Chicago corn (+4,115 contracts), soybean (+47,437), soybean oil (+31,732), soybean meal (+18,501), cotton (+12,969) and rough rice (+882).
It was a bearish week for grain export sales and rather neutral for oilseeds. Corn and wheat export sales of 21.1 and 5.8 million bushels, respectively were both below all pre-report expectations. There were no grain sorghum sales on the week. And rice exports sales of 1.2 million hundredweights was down from last weeks volume of 1.8 million hundredweights. Soybean sales of 57.9 million bushels were in the middle of expectations but down from the 64.2 million bushels the week prior. Cotton sales were also down on the week.
US grain and oilseed export inspections were neutral on the week- corn shipments of 44.9 million bushels were on the top end of expectations and milo of 7.1 was the largest volume in a month- while soybeans of 24.8 and wheats of 19.7 were in the middle of expectations.
September 1st Grain Stocks Report was largely as expected. The report indicated corn stocks of 1.760 billion bushels- down 84 million from pre-report expectations and 52 million below the September WASDE ending stocks estimate. Soybean ending stocks at 342 million and wheat ending stocks of 1.986 million were both just slight off pre-report expectations.
US corn conditions ratings fell 1 percentage point to 64% good to excellent as expected. The crop is 21% harvested- matching the same pace last year.
US soybean ratings were unchanged at 64% good to excellent this week as expected. Harvest is 26% complete, ahead of 20% last year and 18% on average.
Winter wheat is 39% planted- up 1 percentage point higher than expected and slightly ahead of average for the comparable week.
US cotton is 20% harvested and 31% of the crop is rated good to excellent- down from 37% last week.
Topics:
» Market recap
» Port strike impacts
» Hurricane logistical challenges
» Farm bill expiration
» Harvest progress
» Reports to watch
Connect with Brownfield Ag News:
» Subscribe to Brownfield on YouTube: @BrownfieldAgNews
About Brownfield Ag News:
Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.
#agriculture #news #markets #strike
Chapters:
0:00 Introduction
0:57 Market recap
3:37 Port strike impacts
5:55 Farm bill expiration
11:05 Harvest progress
12:12 Reports to watch
Market recap (changes on week as of Monday's close):
» December 2024 corn up $.11 at $4.24
» December 2025 corn up $.04 at $4.54
» November 2024 soybeans up $.18 at $10.57
» November 2025 soybeans up $.15 at $10.94
» December soybean oil up 1.47 cents at 43.31 cents/lb
» December soybean meal up $12.90 at $341.60/short ton
» December 2024 wheat up $.02 at $5.84
» July 2025 wheat up $.04 at $6.21
» December 2024 cotton up 17 cents at 73.61 cents/lb
» December 2025 cotton up 20 cents at 73.37 cents/lb
» October WTI Crude Oil down $2.05 at $67.88/barrel
Weekly highlights:
US consumer confidence, as reported by the Conference Board, fell in September to a three-month low. Interestingly, a rival product, the University of Michigan Consumer Sentiment Index, showed an increase. Uncertainty in consumer confidence does not signal strong economic growth continuing.
US energy stocks of crude oil, gasoline, distillate fuels, and ethanol were all down last week- by 188, 65, 96, and 11 million gallons, respectively. Weekly implied gasoline demand was up 5% week over week and 7% higher than the same week in 2023.
US ethanol production pulled back again to 292 million gallons - down from 308 million gallons the week prior- this was the first week below 300 million gallons since early May. Ethanol exports have been a increasing use of US ethanol but have declined in September. August ethanol exports were up 25% from August 2023.
As of September 1st there were 76.480 million hogs and pigs in the US- up 0.5% from last year, but more than the 0.2% expected. The breeding stock was down 2.2% compared to last year nearly matching expectations. Pig per litter were up 0.9% vs +1.1% expectations. Pigs per litter was a record for any quarter.
Open interest in Chicago commodities were up week over week for wheats (+1.7%), corn (+2.0%), Soybean meal (+0.0%), and rough rice (+2.5%), while down for soybeans (-0.1%), soybean oil (-3.0%), and cotton (-0.5%).
Money managers were net buyers of Chicago corn (+4,115 contracts), soybean (+47,437), soybean oil (+31,732), soybean meal (+18,501), cotton (+12,969) and rough rice (+882).
It was a bearish week for grain export sales and rather neutral for oilseeds. Corn and wheat export sales of 21.1 and 5.8 million bushels, respectively were both below all pre-report expectations. There were no grain sorghum sales on the week. And rice exports sales of 1.2 million hundredweights was down from last weeks volume of 1.8 million hundredweights. Soybean sales of 57.9 million bushels were in the middle of expectations but down from the 64.2 million bushels the week prior. Cotton sales were also down on the week.
US grain and oilseed export inspections were neutral on the week- corn shipments of 44.9 million bushels were on the top end of expectations and milo of 7.1 was the largest volume in a month- while soybeans of 24.8 and wheats of 19.7 were in the middle of expectations.
September 1st Grain Stocks Report was largely as expected. The report indicated corn stocks of 1.760 billion bushels- down 84 million from pre-report expectations and 52 million below the September WASDE ending stocks estimate. Soybean ending stocks at 342 million and wheat ending stocks of 1.986 million were both just slight off pre-report expectations.
US corn conditions ratings fell 1 percentage point to 64% good to excellent as expected. The crop is 21% harvested- matching the same pace last year.
US soybean ratings were unchanged at 64% good to excellent this week as expected. Harvest is 26% complete, ahead of 20% last year and 18% on average.
Winter wheat is 39% planted- up 1 percentage point higher than expected and slightly ahead of average for the comparable week.
US cotton is 20% harvested and 31% of the crop is rated good to excellent- down from 37% last week.
Topics:
» Market recap
» Port strike impacts
» Hurricane logistical challenges
» Farm bill expiration
» Harvest progress
» Reports to watch
Connect with Brownfield Ag News:
» Subscribe to Brownfield on YouTube: @BrownfieldAgNews
About Brownfield Ag News:
Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.
#agriculture #news #markets #strike
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