Corn

The weekly EIA report showed ethanol production in the week ending on August 2 at 1.067 million barrels per day. That was down 42,000 barrels per day from the previous week’s record total. Stocks of ethanol were down 206,000 barrels at 23.767 million barrels, as exports were a near record 210,000 barrels per day in that week.

Traders are expecting to see a range of 100,000 to 400,000 MT of 2023/24 corn export sales during the week that ended on August 1. For the 2024/25 marketing year, sales are estimated to be between 475,000 MT to 1 MMT in that week.

Estimates ahead of next Monday’s Crop Production report are showing average yield expectations at 182.1 bpa according to a Reuters survey of analysts, above the 181 from the previous WASDE reports. Production is expected to be increased just slightly, but 12 mbu, as acreage estimates are seen nearly 471,000 acres lower.

Corn prices continued to decline mid-week. The settlement price of the September Corn contract on August 7 was 383.25 cents per bushel, down 1.41% from the previous session.

Soybean

Ahead of Thursday’s Export Sales report, traders are estimating net old crop soybean sales of 100,000 to 300,000 MT in the week that closed out on August 1. For 2024/25 sales, a range of 400,000 to 900,000 MT is expected. Bean meal sales are seen in a range of 100,000 to 650,000 MT across both marketing years, as soy oil is expected to total 0-20,000 MT.

The NASS Crop Production report on Monday is expected to show soybean yield at 52.5 bpa, a 0.5 bpa increase from the previous month’s WASDE. Production is seen 35 mbu higher to 4.470 according to a Reuters survey, as harvested acres are estimated to drop nearly 150,000 acres. 

Chinese soybean imports totaled 9.85 MMT during July, which was 2.9% above the same month last year.

The price of the September Soybean contract continued to decline mid-week. The settlement price on August 7 was 1,005.25 cents per bushel, down 0.86% from the previous session.

Lúa mỳ

Traders surveyed by Reuters are expecting to see a total between 250,000 to 500,000 MT of wheat sold for export in the week ending on August 2.

The monthly Crop Production report will be out on Monday, with the trade showing expectations for a slight increase to all wheat production at 2.015 bbu, up from 2.008 bbu in July.

The price of the September Wheat contract broke its rising streak. The settlement price on August 7 was 538.25 cents per bushel, down 0.92% from the previous session.

Soucre: Barchart