Market Summary Framework
1. U.S. Corn Harvest and Outlook
- Harvest Status: Corn harvest essentially complete, soybean harvest also nearly finished.
- Stocks and Production: 17 billion bushels of corn available for 2024/25 marketing year.
- Domestic Use: 5.825 billion bushels for feeding, 5.45 billion for ethanol production.
- Ethanol Exports: Record ethanol exports expected in 2024, driven by demand and competitive prices.
- Corn Exports: Expected increase in 2024/25 marketing year, up 1.4% from 2023/24.
2. World Coarse Grain Market
- Production: Expected to be 1,499.7 mmt, down from 2023/24.
- Supply: Total world supply expected to increase by 3.4 mmt.
- Trade: Expected to slow in 2024/25, a 4.3% reduction in global trade.
- Ending Stocks: Expected to decline by 4.2%.
3. South American Weather Impact
- Argentina Corn Planting: 60% of corn crop likely planted by December 1st.
- Yield Expectations: Above-trend yield likely with 4 inches of December rainfall.
4. CBOT December 2024 Corn Futures
- Current Market Values: Not specified.
- Weather/Crop Progress: Crop condition reports not applicable until Spring 2025.
5. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Average $149 per short ton, up from previous report.
- Production: U.S. ethanol production at 1,110 tbpd, slightly down week-over-week.
6. Ocean Freight Markets and Spreads
- Baltic Dry Index: Dropped 0.9% to 1,616.
- Voyage Rates: Lowered for key routes to Asia.
7. U.S. Export Statistics
- Corn: Net sales up 14% from the previous week, exports up 37%.
- Barley: Total net sales of 900 MT, exports to Canada, Japan, South Korea.
- Sorghum: Net sales down 14% from the previous week, exports to China.
