{"id":9382,"date":"2024-10-21T15:46:00","date_gmt":"2024-10-21T19:46:00","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9382"},"modified":"2024-10-21T15:46:00","modified_gmt":"2024-10-21T19:46:00","slug":"usda-estimates-weigh-on-agricultural-commodities","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/ar\/usda-estimates-weigh-on-agricultural-commodities\/","title":{"rendered":"USDA Estimates Weigh on Agricultural Commodities"},"content":{"rendered":"\n\n\n
Agriculture commodities plummeted last week as the latest USDA report indicated strengthened supply and debilitated demand.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Wheat<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Wheat Falls on Softening Demand<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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  • December wheat futures fell to $5.7 per bushel after the USDA raised its global wheat supply outlook.<\/li>\n
  • US exports remain stronger than in the same period last year for 11 consecutive weeks from early August, totaling an additional 1.85 million mt.<\/li>\n
  • However, demand is softening, with Egypt – the world’s largest wheat buyer – planning to reduce imports and replace wheat with corn or sorghum in subsidized bread.<\/li>\n
  • Despite lowering its 2024\/25 production estimate, the USDA increased its ending-stocks forecast to 257.7 million mt, exceeding expectations by 1.6 million tonnes.<\/li>\n
  • However, wheat prices remain close to their recent 3.5 month high of $6.2 as concerns over Black Sea exports help limit losses.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    Corn<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    Corn Futures Weaken Amid Stronger than Expected Supply<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    • December corn futures fell to $4.1 per bushel, retreating from a three-month high of $4.325 on October 2nd, weighed down by ample supply.<\/li>\n
    • US exports remained unchanged as of October 10 on a yearly basis, but the average weekly exports in September reported -24% m\/m, raising extra competitiveness concerns.<\/li>\n
    • The USDA’s estimate of a 2024 corn harvest at 15.203 billion bushels, slightly below last year’s record but still among the largest in history, heightened concerns of oversupply.<\/li>\n
    • Additionally, a modest upward revision in average yields to 183.8 bushels per acre also added to the bearish outlook.<\/li>\n
    • Compounding this, global wheat stocks exceeded forecasts, intensifying downward pressure on corn prices as fewer buyers look for substitutes.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
      Soybeans<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      Amplified Supply Drives Soybeans Lower<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      • November soybean futures continued their decline, slipping below $10 per bushel, the lowest since late August, as improving crop conditions in Brazil and expectations of a bumper harvest in the US weighed on prices.<\/li>\n
      • US exports fell -6.9% compared to the same period last year.<\/li>\n
      • Meanwhile, the USDA’s October supply and demand report made marginal downward revisions to US yield and production estimates, now at 53.1 bushels per acre and 4.582 billion bushels for the 2024\/25 season; however, output remains on track for a record high.<\/li>\n
      • Additionally, the delayed crop progress report from NASS indicated that the US soybean harvest was 67% complete as of October 13, 16% ahead of the five-year average.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

        Agriculture commodities plummeted last week as the latest USDA report indicated strengthened supply and debilitated demand. Wheat Wheat Falls on Softening Demand December wheat futures fell to $5.7 per bushel after the USDA raised its global wheat supply outlook. US exports remain stronger than in the same period last year for 11 consecutive weeks from […]<\/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-9382","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9382","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=9382"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9382\/revisions"}],"predecessor-version":[{"id":9383,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9382\/revisions\/9383"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/media?parent=9382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/categories?post=9382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/tags?post=9382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}