Market Summary Framework
1. Corn Market Outlook
- Weather and Crop Progress
- Current Status: 61% of corn is silking, 34% sorghum heading, 84% barley heading, 65% soybean blooming.
- Crop Condition: Corn condition dipped slightly, sorghum improved, barley steady, soybean condition remained.
- Weather Concerns: Warm to hot temperatures with below normal rainfall in Plains, Prairies, and Cornbelt. Heat may reduce yield.
- Ukraine and Russia Crop: Reduced corn crop estimates due to weather stress.
- Demand and Prices
- Export Sales: Strong corn and soybean export inspections.
- CBOT September 2024 Corn Futures: Reached new lows just above $4 per bushel.
2. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Averaged $147 per short ton, down $4 from the previous report.
- Production: U.S. ethanol production down 1.0% week-over-week, prices dropped for the seventh week.
3. Ocean Freight Markets and Spreads
- Container Rates: Peaked in the last week, especially from the U.S. West Coast.
- Baltic Dry Index: Lost ground, Capesize sector ended the week down 4.7%.
- Grain Routes: Higher on most routes, especially to Japan and Mexico.
4. U.S. Export Statistics
- Corn: Net sales down 24% from the previous week, exports up 10% from the previous week.
- Barley: No net sales or exports reported.
- Sorghum: Net sales down 98% from the previous week, exports up 12% from the previous week.
