Afternoon 5.8.2024

Highlights

• The agriculture markets were lower across the board while the crude oil and Dow were both higher.
• The June Class III and cheese futures are limit up today after the block cheese price on the spot session came in 11 ½ cents higher to 1.9525.
• The May WASDE report is Friday, May 10^th at 11am CT. This will the USDA’s first estimate for the new crop.
• As of 3:20 pm CT: Crude oil up $0.80 at 79.18, US dollar index up 0.135, and the Dow up 172 points.

Corn

• The market was lower day, giving back the gains from Monday earlier in the week.         
• The Dec’24 contract made a new high for the week to $4.9125, that’s the highest it has been since January 11^th.
• Export sales tomorrow morning are expected to be 600,000-1,100,000 metric tons for 2023/24 and 0-150,000 metric tons for 20242/25.
• The USDA is set to give their first estimates for the 2024/25 crop this Friday in the WASDE report. The market is expecting the endings to be at 2.287 billion bushels vs. 2.122 billion last year. Yield is expected to be at 180.5 bushels/acre vs. 177.3 bushels/acre.
• For the day: July’24 down 8 ½ at $4.58 ½, Sept’24 down 8 at $4.68 ½, and Dec’24 down 7 ¼ at $4.81 ¼.  

Oilseeds

• Soybeans were down sharply with the entire soybean complex lower. The November’24 contract was down 15 cents but is still above $12 as it finished at $12.13.
• Products were both lower as the meal was down around $4-5/ton and the bean oil was down around 70 and finished around the day’s lows.
• Export sales are expected to be 250,000-600,000 metric tons for soybeans in 2023/24 marketing year and 0-100,000 metric tons for 2024/25. Meal sales are expected to be at 100,000-300,000 metric tons for 2023/24 and 0-100,000 metric tons for 2024/25. Bean oil sales are expected to be -5,000-12,000 metric tons.
• The USDA WASDE report this Friday is expected to show the 2024/25 ending stocks at 436 million bushels vs. 340 million last year. The yield is expected to be at 51.9 bushels/acre vs. 50.6 bushels/acre last year.
• For the day: July’24 down 18 ¾ to $12.2775, August’24 down 18 to $12.275, and Nov’24 down 15 to $12.13.

Wheat

• Wheat futures were lower across the three classes with the KC and Minneapolis markets both double digits lower.  
• Russia is expected to get rains in their dry areas over the next couple of weeks that are very welcomed. The western portion of Kansas and panhandle is expected to get some decent rain over the next week as well.
• Wheat sales are expected to be -100,000-100,000 for 2023/24 and 200,000-600,000 metric tons for 2024/25.
• The Wheat Quality Council HRW tour will begin next week, where the market will be reactive to the findings.
• Egypt has bought 420,000 metric tons of wheat in a tender. Of that, 360,000 metric tons were Russian and 60,000 metric tons were Romanian according to Reuters.
• For the day: MW July’24 down 16 ¼ to $7.0275, MW Dec’24 down 13 ¾ to $7.23. KC July’24 down 15 ½ to $6.485, KC Dec’24 down 13 ¾ to $6.8275. Chicago July’24 down 8 ¾ to $6.34, Chicago Dec’24 down 8 ½ to $6.805.