Market Summary
1. Corn Market Outlook
- Stocks: Corn stocks on June 1, 2024, were at 4.99 billion bushels, up 21.7% from 2023, with the highest on-farm stocks in Illinois (+71.2%) and off-farm stocks in Illinois (+23.1%).
- Planting: Corn planted acres were 91.5 million, slightly higher than expected despite planting issues.
- Yield: National yield may be less than 181 bushels per acre, potentially increasing production by 70 million bushels.
- Demand: Exports and feed/ethanol demand are meeting expectations, potentially reducing ending stocks by 25 million bushels from the June WASDE estimate.
- 2024/25: Ending stocks may grow by only 40 million bushels compared to 2023/24, possibly 50 million bushels less than the June WASDE estimate.
2. CBOT September 2024 Corn Futures
- Current Market Values: Not specified in the provided text.
3. U.S. Weather/Crop Progress
- Highlights: Corn silking at 11%, sorghum heading at 19%, barley heading at 72%, and soybean blooming at 20%.
- Crop Condition: Corn condition rating at 67% Good/Excellent, with some areas experiencing heat and moisture stress.
4. Distiller’s Dried Grains with Solubles (DDGS)
- Prices: Average $156 per short ton, down $2 from the previous week.
- Production: U.S. ethanol production at 1,064 thousand barrels per day, up 2.0% week-over-week.
5. Ocean Freight Markets and Spreads
- Panama Canal: Water conditions improving, Neopanamax draft to increase to 48 feet on July 11.
- Red Sea: Vessel owners avoiding the area due to Houthi attacks.
- Hurricane Beryl: Affecting Mexico and the Port of Brownsville, Texas.
- Baltic Dry Index: Up 5% for the week, driven by improved demand in the Capesize sector.
6. U.S. Export Statistics
- Corn: Net sales down 34% from the previous week, with increases for unknown destinations and Colombia.
- Barley: No exports reported for the week.
- Sorghum: Net sales down notably, with exports to China up from the previous week.
