Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown.
This Week’s Topics:
- Market recap
- Crude oil price swings
- USDA report preview
- Corn ending stocks
- U.S. export positioning
- Reports to watch
Market recap (Changes on week as of Monday’s close):
- December 2023 corn flat at $4.88
- December 2024 corn down $.01 at $5.16
- November 2023 soybeans down $.13 at $12.64
- November 2024 soybeans down $.17 at $12.50
- December soybean oil down 3.5 cents at 53.93 cents/lb
- December soybean meal down flat at $374.60/short ton
- December 2023 wheat up $.08 at $5.72
- July 2024 wheat up $.09 at $6.40
- November WTI Crude Oil down $2.64 at $84.60/barrelWeekly Highlights
- It was announced last week that the Argentina Government will expected their “soy dollar” program through October 25
- US Crude oil stocks minus the strategic petroleum reserve fell another 93 million gallons this week along with distillate stocks, while gasoline stocks were up 272 million gallons.
- Ethanol production was flat at 297 million gallons produced on the week using an estimated 99.9 million bushels of corn.
- It was a solid week for agricultural export sales last week with corn and soybeans at the top end of their respective expectations and highest weekly volumes since April and January, respectively.