Weekly Agri- Commodities Recap: 19-23/08/24
Aug 26, 2024
On Monday Grain markets opened the week with mixed results. Corn and soybeans recovered from oversold levels, aided by solid U.S. export data and private sales, including 332,000 tons of soybeans to China. However, December MATIF wheat futures fell to new lows due to a stronger Euro and increased Russian wheat exports, which saw prices drop to $218 per ton FOB. Egypt's Supply Minister reaffirmed plans to secure 3.8 million tonnes of wheat by year-end.
On Tuesday Wheat futures continued to struggle amid a stronger Euro. U.S. wheat futures saw modest gains, while corn and soybean prices dipped slightly. Russia maintained its grain harvest forecast, though SovEcon increased their wheat production estimate. Tunisia issued a tender for 75,000 tons of soft wheat, and Jordan canceled its wheat tender. The USDA reported private soybean sales of 132,000 tons to China and 239,500 tons to Mexico. Pro Farmer Crop Tour results showed slight increases in Indiana and Nebraska corn yields but fell short of USDA projections.
Middle of the week, Wheat futures dropped over 2%, while corn prices held steady and soybeans gained. A potential Canadian rail strike created market uncertainty. In India, high wheat prices led to calls for government intervention and the removal of import taxes. Tunisia purchased 75,000 tons of soft wheat at prices between $242.99 and $246.00 per ton. Pro Farmer Crop Tour reported Illinois corn yields up 5.4% year-over-year, with mixed results in Iowa. Non-commercial traders’ short positions in MATIF milling wheat exceeded 100,000 contracts.
On Thursday, Grain prices fell, with wheat futures hitting new lows. U.S. export sales were robust, including 493,000 tons of wheat, 1.41 million tons of corn, and 1.63 million tons of soybeans. Jordan issued new tenders for wheat and barley. Pro Farmer Crop Tour reported a decrease in Minnesota corn yields to 164.9 bu/a, while Iowa yields matched USDA expectations at 192.79 bu/a (considering historical differences). The market awaited further Fed commentary from Jackson Hole.
End of the week, Soybean prices rose, supported by strong export sales and higher energy markets. Corn and wheat prices reached new lows. Pro Farmer estimated a national corn yield of 181.1 bu/a, below USDA’s forecast, and a soybean yield of 54.9 bu/a, above USDA’s estimate. The USDA reported a private sale of 120,000 tons of soybeans. Fed Chair Powell’s Jackson Hole speech suggested imminent rate cuts, strengthening the EUR/USD. Funds reduced their net short positions in CBOT wheat but increased short positions in corn and soybeans.
Weekly Recaps
Commodities
Agri- Commodities:
11-15/08/25 Agri
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Grain markets experienced another volatile week as political developments, trade disputes, and bearish USDA data drove sentiment. Early in the week, soybeans surged on speculation that Chinese buying might resume following Donald Trump’s extension of tariff pauses, but corn and wheat failed to follow. Export inspections painted a mixed picture, with corn and soybeans performing well while wheat lagged. The USDA’s August WASDE loomed large over the market, with traders bracing for higher yield estimates.
Freight
Freight Recap:
14/08/25
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The dry bulk market presented a mixed performance this week, with the Supramax segment edging higher, Handysize holding steady with minor gains, and Panamax showing a regional split — weaker in the Atlantic, firmer in the Pacific.
Commodities
Agri- Commodities:
04–08/08/25 Agri
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Grain markets swung sharply this week, rebounding midweek before easing, driven by yield outlooks, export data, and geopolitical headlines.
Freight
Freight Recap:
7/08/25
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Port of Callao halted operations after an Evergreen ship lost 50 containers during rough weather. Meanwhile, July's freight data shows the market stuck in a supply-heavy “holding pattern,” with capacity expanding but pricing rising faster — suggesting a slow, uneven recovery in logistics and transportation
