USDA Ag Forum Bearish Beans


Grains are mixed. SH is up 5 cents and near 11.67. SMH is near 342.0. BOH is near 456.13. CH is up 1 cent and near 4.18. WH is down 5 cents and near 5.62. KWH is down 5 cents and near 5.70. MWH is unch and near 6.57. China is on Holiday. US stocks are higher. US Dollar is higher. Crude is lower. UK and Japan economy slipped into recession.



SH is near 11.67. USDA estimated US 2024 soybean acres near 87.5 mil vs 83.6 ly. US 2024/25 carryout 435 despite record crush. Jan NOPA crush was 185.7 vs Dec 195.3 but new record for Jan. Soyoil stocks highest since July. Weekly soybean sales est at 340 mt. Soybeans found resistance due to bearish USDA Ag forum numbers, better SA crop prospects, Fed slowing rate cut and lower China demand. Some short covering overnight on hope China will buy US soybeans once they return from holiday.

CH is near 4.18. Futures remain oversold. USDA estimated US 2024 corn acres near 91.0 mil vs 94.6 ly. US 2024/25 carryout is est at 2,532 mil bu vs 2,172 this year and largest since 1987. Weekly corn sales were at 1,310 mt with Colombia and Mexico best buyers. International Grain Council est World corn crop at 1,234 mmt , up 4 from last month and up 71 mmt from ly. One group est the World corn crop closer to 1,252 mmt. IGC did raise World corn demand 4 mmt to record 1,222 ( this due to lower prices) which left World end stocks near 287 mmt vs 275 ly.

WH is near 5.62. KWH 5.70. MWH 6.57. Australia wheat futures sharply lower. USDA estimated US 2024 wheat acres near 47.0 mil vs 49.6 ly. US 2024/25 carryout is est at 769 mil bu vs 658 this year. One group estimates World 2024 wheat crop near 805 mmt vs 785 this past year. IGC est is near 788 mmt. Weekly wheat sales were 349 mt. Egypt bought Ukraine and Romania wheat.


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