{"id":8507,"date":"2023-10-03T16:00:29","date_gmt":"2023-10-03T20:00:29","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=8507"},"modified":"2023-10-04T14:19:07","modified_gmt":"2023-10-04T18:19:07","slug":"oversupply-ag-products","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/ar\/oversupply-ag-products\/","title":{"rendered":"Oversupply in Agriculture Products"},"content":{"rendered":"<p style=\"text-align: center;\">October 3, 2023<\/p>\n<p><em>US agriculture prices are under pressure due to higher-than-expected supply and increased competition from emerging sellers. <\/em><\/p>\n<hr \/>\n<h3>Wheat<\/h3>\n<p align=\"center\"><strong>CBOT Wheat Prices on Free Fall from Late July<\/strong><\/p>\n<p align=\"center\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter  wp-image-8508\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/wheat1-10-2.png\" alt=\"\" width=\"864\" height=\"320\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/wheat1-10-2.png 659w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/wheat1-10-2-300x111.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/wheat1-10-2-18x7.png 18w\" sizes=\"(max-width: 864px) 100vw, 864px\" \/><\/p>\n<p align=\"center\">\n<ul>\n<li>CBOT Wheat prices have plunged more than -28.8% from July 25<sup>th<\/sup>, as wheat weekly exports data started to be announced weaker compared to seasonality.<\/li>\n<li>U.S. wheat prices fell last week as supplies from the northern hemisphere enter the market, vessels of Ukrainian wheat traveled safely through the Black Sea, and Russia continues to dominate exports.<\/li>\n<li>Furthermore, speculators added extra short positions to SRW CBOT wheat futures and expanded for the 3<sup>rd<\/sup> consecutive week their net money-managed funds position to 73,607 contracts short.<\/li>\n<li>From supply side, all-wheat production for the 2023\/24 marketing year was pegged at 1.81B bushels, above market expectations of 1.73B bushels, according to the latest USDA Small Grains Summary report.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Corn<\/h3>\n<p align=\"center\"><strong>Corn Futures Have Been Stable Since August<\/strong><\/p>\n<p align=\"center\">\n<p><img decoding=\"async\" class=\"aligncenter  wp-image-8509\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/corn-10-2.png\" alt=\"\" width=\"812\" height=\"342\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/corn-10-2.png 594w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/corn-10-2-300x126.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/corn-10-2-18x8.png 18w\" sizes=\"(max-width: 812px) 100vw, 812px\" \/><\/p>\n<ul>\n<li>CBOT corn futures have been relatively stability since early August as corn exports have regained their pace after the fierce decrease in June.<\/li>\n<li>Lower demand from China was driven by increasing imports from rival Brazil, adding extra downward pressure to corn futures.<\/li>\n<li>Meanwhile, corn stocks in the US stood at 1.36B bushels as of September 1, below market expectations of 1.43B bushels, according to the US Agriculture Department&#8217;s quarterly stocks report.<\/li>\n<li>The lack of domestic demand and the seemingly expanding balance sheet will weigh on prices over the next quarter, though demand, particularly export demand, can pick up at a moment\u2019s notice.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Soybeans<\/h3>\n<p align=\"center\"><strong>CBOT Soybeans Futures on\u00a04-Month Low<\/strong><\/p>\n<p align=\"center\">\n<p><img decoding=\"async\" class=\"aligncenter  wp-image-8510\" src=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/soy-10-2.png\" alt=\"\" width=\"871\" height=\"354\" srcset=\"https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/soy-10-2.png 610w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/soy-10-2-300x122.png 300w, https:\/\/www.fundamentalanalytics.com\/wp-content\/uploads\/2023\/10\/soy-10-2-18x7.png 18w\" sizes=\"(max-width: 871px) 100vw, 871px\" \/><\/p>\n<ul>\n<li>Soybean futures fell to below $12.8 per bushel, the lowest in 16 weeks after data showed soybean stocks stood at 268M bushels as of September 1, above market expectations of 242M bushels.<\/li>\n<li>Still, it was the lowest level for this time of year since 2021 as strong demand from crushers depleted supplies.<\/li>\n<li>Soybean stocks stored on farms totaled 72.0 million bushels, up 14% from a year ago. Off-farm stocks, at 756 million bushels, are down 13% from a year ago.<\/li>\n<li>Soybeans exports are above the seasonal levels by 101% and 22.8% compared to 2022 and 2021, respectively.Meanwhile, the US soybean harvest is progressing, adding to ample supplies from Brazil.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>October 3, 2023 US agriculture prices are under pressure due to higher-than-expected supply and increased competition from emerging sellers. Wheat CBOT Wheat Prices on Free Fall from Late July CBOT Wheat prices have plunged more than -28.8% from July 25th, as wheat weekly exports data started to be announced weaker compared to seasonality. U.S. wheat [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8507","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/comments?post=8507"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8507\/revisions"}],"predecessor-version":[{"id":8511,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/8507\/revisions\/8511"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/media?parent=8507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/categories?post=8507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/tags?post=8507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}