Global Ag News for Dec 24.24

TOP HEADLINES

Ukraine Is Ready to Supply Food to Syria: Zelenskiy

Ukraine will support efforts by its partners to stabilize situation in Syria, President Volodymyr Zelenskiy says in a statement on social media platform X.

• “It is crucial for the security of the Syrian people and the region as a whole to remove any Russian presence from Syria,” Zelenskiy says
• Ukraine has made all necessary decisions to ensure food security in Syria and is ready to supply food

 

FUTURES & WEATHER

Wheat prices overnight are down 1 1/4 in SRW, down 1/2 in HRW, up 1 in HRS; Corn is unchanged; Soybeans up 3 1/4; Soymeal up $0.80; Soyoil up 0.08.

For the week so far wheat prices are up 4 3/4 in SRW, up 4 in HRW, up 5 3/4 in HRS; Corn is up 1; Soybeans down 1 3/4; Soymeal down $3.00; Soyoil up 0.60.

For the month to date wheat prices are down 8 3/4 in SRW, up 9 3/4 in HRW, up 4 3/4 in HRS; Corn is up 14 3/4; Soybeans down 17 1/4; Soymeal up $1.20; Soyoil down 1.33.

Year-To-Date nearby futures are down 14.4% in SRW, down 14.5% in HRW, down 17.6% in HRS; Corn is down 5.1%; Soybeans down 24.9%; Soymeal down 24.7%; Soyoil down 16.3%.

Chinese Ag futures (MAY 25) Soybeans up 16 yuan; Soymeal down 6; Soyoil up 56; Palm oil up 96; Corn down 5 — Malaysian Palm is up 13.

Malaysian palm oil prices overnight were up 13 ringgit (+0.29%) at 4555.

 

There were changes in registrations (-55 Corn). Registration total: 20 SRW Wheat contracts; 72 Oats; 17 Corn; 205 Soybeans; 879 Soyoil; 1,665 Soymeal; 105 HRW Wheat.

Preliminary changes in futures Open Interest as of December 23 were: SRW Wheat down 3,138 contracts, HRW Wheat up 358, Corn up 864, Soybeans down 15,199, Soymeal down 15,260, Soyoil down 2,650.

 

Brazil: Fronts will continue to move through central Brazil, providing widespread, wet-season rain showers and favorable conditions for flowering to filling soybeans and developing corn. Showers will be much more limited across southern Brazil through the end of the month, but towards the beginning of January, more systems may eventually lead to scattered showers.

Argentina: Spotty showers are expected across central and northern areas early this week with conditions trending drier towards the second half of the week. Southeastern areas may be largely missed and this could lead to other dry areas developing.

Northern Plains: After a brief cool down late last week, warmer temperatures returned over the weekend and it will remain warmer through the end of the year. Small systems will provide light rain and snow showers to the region this week, but towards the start of the new year, a more prolonged blast of arctic air could develop.

Central/Southern Plains: Wheat areas in the west have been drier lately. The pattern may be a little more favorable for precipitation this week as several systems move through with potential for precipitation, mostly in the form of rain with very warm temperatures in the region.

Midwest: A clipper system brought some decent snowfall and cooler air to the region this past weekend. However, temperatures rebound this week and it will be very warm for the Christmas holiday. The pattern stays active this week with several systems moving through. It may stay just cold enough for snow on the northern end of the region, especially with a system on Monday.

Lower Mississippi: Water levels have shown some recent improvements with systems moving through areas to the north, like the Ohio River Valley. Another system is expected to move through during the middle of this week and again at the end of the week, providing widespread scattered rain showers. That should help to give a longer bump to the water levels, removing restrictions for transport across the Lower Mississippi for a while.

Europe: A few systems will provide showers across the continent early this week, keeping up overly wet soils in the northwest, but maintaining or improving soil moisture for most other areas. By the second half of the week, high pressure will take over and keep much of the west on the drier side. Spain could use more moisture, but showers will be limited through the end of the month.

 

The player sheet for Dec. 23 had funds: net buyers of 3,500 contracts of SRW wheat, buyers of 1,000 corn, buyers of 3,000 soybeans, sellers of 3,000 soymeal, and buyers of 3,000 soyoil.

TENDERS

• CORN AND SOY SALES: Exporters sold 132,000 metric tons of U.S. corn to unknown destinations and 132,000 metric tons of U.S. soybeans to China, all for 2024-25 delivery, the U.S. Department of Agriculture said.
• WHEAT TENDER: Algeria’s state grains agency OAIC issued an international tender to buy milling wheat to be sourced from optional origins.

 PENDING TENDERS

• FEED BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley.
• RICE TENDER: Bangladesh’s state grains buyer has issued an international tender to purchase 50,000 metric tons of rice.

 

 

 

TODAY

US Inspected 1.123m Tons of Corn for Export, 1.747m of Soybeans

In week ending Dec. 19, according to the USDA’s weekly inspections report.

• Wheat: 404k tons vs 301k the previous wk, 473k a yr ago
• Soybeans: 1,747k tons vs 1,696k the previous wk, 1,119k a yr ago
• Corn: 1,123k tons vs 1,142k the previous wk, 1,227k a yr ago

 

US Corn, Soybean, Wheat Inspections by Country: Dec. 19

Following is a summary of USDA inspections for week ending Dec. 19 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for China-bound shipments made up 683k tons of the 1.75m total inspected
• Japan was the top destination for corn inspections, Philippines led in wheat

 

Sovecon downgrades Russian 2024/2025 wheat export forecast to 43.7 mtt

Russia’s Sovecon agriculture consultancy said on Monday that it had revised its Russian wheat export forecast for 2024/2025 downwards to 43.7 million metric tons, from a previous 44.1 million metric tons.

Sovecon said that it sees Russian wheat exports in the 2025/2026 season at 36.4 million metric tons.

 

Indonesia Oct. Palm Oil Exports Rise to 2.888m Tons: Gapki

Indonesia’s palm oil exports rose to 2.888m tons in October from revised 2.260m tons in September, according to Indonesian Palm Oil Association (Gapki).

• Palm oil output rose to 4.843m tons from 4.415m tons in September
• Palm oil stockpiles fall to 2.502m tons from revised 2.622m tons in September
• Palm oil domestic consumption rose to 2.083m tons from 1.989m tons in September
• Palm oil for biodiesel domestic consumption rose to 1.052m tons from 934,000 tons in September

 

China unveils 2024-2035 plan to boost whole grain consumption

China on Tuesday launched a 2024-2035 plan encouraging local governments to implement policies that drive growth of whole grain consumption, as part of efforts to enhance food security.

The plan, jointly issued by the National Food and Strategic Reserves Administration and other government departments, also encourages companies and social capital to establish development funds to support the integration of the whole grain industry.

Whole grains retain their complete seed structure after removing inedible parts, preserving natural nutrients and active substances, while whole grain foods are made primarily from whole grains with a certain content ratio, according to the plan.

 

WHEAT/CEPEA: Pace of trades increases; wheat flour prices move up

Values of wheat flours are firm in the domestic market at this end-of-the-year period. Prices have been sustained by the high demand for byproducts and the transference of costs, especially of the imported product.

Players from mills surveyed by Cepea say that they closed good volumes of wheat flour trades over the last weeks, after the low liquidity observed for some months.

Considering regions surveyed by Cepea and comparing the average last week (between December 16 and 20) with that verified in the period before (Dec. 9-13), prices of the bakery flour rose 0.42%. As for wheat bran, on the other hand, values moved down 0.41% (in bags) and 0.58% (product in bulk).

As for the wheat grain, only a few trades have been closed, since many agents are already away from the market, due to the holidays.

According to data from Cepea, between December 13 and 20, the prices paid to wheat farmers (over-the-counter market) rose 1.5% in Rio Grande do Sul, 0.46% in Santa Catarina and 0.43% in Paraná. In the wholesale market (deals between processors), quotations increased 0.17% in São Paulo, 1.5% in Rio Grande do Sul and 0.2% in Santa Catarina, but dropped 0.09% in Paraná. Dollar quotations upped 0.3% against Real in the same comparison, at BRL 6.06 on Dec. 20.

 

Turkey to Ease Wheat Import Policy in New Year

Turkey is set to ease its wheat import policy as of the new year, allowing the private sector to directly purchase more than previously from abroad, according to officials with direct knowledge of the matter.

• Importers will have to purchase 75% of the wheat from the Turkish Grain Board compared to the previous 85% quota, the officials said, asking not to be named because the plan has not been made public yet
• Remaining 25% will be allowed to be directly imported, compared to the current 15%
• The Trade Ministry and the Agriculture and Forestry Ministry declined to comment on the plan
• NOTE: Turkey is often one of the world’s biggest wheat importers

 

The Pennsylvania Soybean Yield Contest

The Pennsylvania Soybean Yield contest recognizes not only the state-wide grand champion, but also the top growers in each of five production regions in Pennsylvania, based on maturity maps:

• State Overall & South-Central Region: A. Dale Herr Jr, (Lancaster County); 117.30 bu./acre
• Southeastern Region: Brad Keifer (Northampton County); 100.54 bu./acre
• Central Region: Eric Myers, (Franklin County); 88.21 bu./acre
• Northern Region: John Tebbs (Lycoming County); 102.18 bu./acre
• Western Region: Ricky Telesz, (Lawrence County); 86.31 bu./acre
• Irrigated Class: Steve Chapin, (Columbia County); 85.06 bu./acre

 

 

 

 

 

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