Weekly Market Update 10-24-24

Here is your weekly market update from the Garden City Co-op Grain Origination Team.

Trivia

1. What year was the Emancipation Proclamation issued?

2. Since the 1950s, how much has world crop production increased by?

Answers at the bottom.

Market News

BRICS Meeting Leaders of BRICS nations met in Russia earlier this week and discussed a number of common economic projects. Russia proposed the creation of a BRICS grain exchange, which could later be expanded into other commodities like oil, gas, and metals. The other countries welcomed the idea of this initiative, as well as an implementation of some kind of cross-border payment system, as ways to deepen financial and economic cooperation, move away from the dollar-dominated global financial system, and combat Western sanctions. While any kind of exchange would likely take years to launch, it is something worth paying attention to given the importance of BRICS countries on both global supply and demand.

Crop Progress 65% of the total United States corn crop was reported as harvested this week; 18% above last week’s values and 10% above last year’s values. The state of KS is reported as 83% harvested, versus 77% last week and 79% last year. Across the US, 81% of the world’s soybeans have been reported as harvested, compared to 67% last week and 72% in 2023. 64% of the nation’s sorghum crop has been reported as harvested this week, holding steady with harvest values from the previous year. In the state of TX, 97% of the sorghum crop has been harvested, followed by 53% in KS and 48% in the state of OK. Within the United States, 73% of winter wheat is planted as of this week, with 78% of Kansas winter wheat being reported as harvested.

Export Inspections A total of 9.9 million bushels of wheat were inspected for exports this week; 3.9 million bushels of HRW, 2.6 million bushels of HRS wheat, 1.5 million bushels of SRW, and 1.9 million bushels of white wheat. Total wheat inspected for exports holds steady at 3% above the year-to-date inspections relative to the seasonal pace needed to reach USDA target values. Corn inspections totaled 39.4 million bushels, finally surpassing the running 10-week average calculated by the USDA. Soybeans take a large leap forward this week, totaling 89.4 million bushels inspected for exports; more than tripling the running 10-week average, with China once again being the final destination for 62.0 million bushels. Remaining week as in several previous weeks, milo inspections totaled 1.9 million bushels this week; Ethiopia taking 1.8 million bushels.

Export Sales What a week for corn sales! Old crop corn sales totaled 141.8 million bushels this week, significantly surpassing the running 10-week average for corn sales. 2025 N/C sales totaled 22.9 million bushels as more farmer’s begin to look ahead to next year’s fall harvest. Soybean sales also took an upward turn this week with 79.1 million bushels reported as sold; no N/C sales were reported. This week 19.6 million bushels of wheat were reported as sold for exports. Once again, no N/C wheat sales were reported. Of the total wheat sold, 2.2 million bushels were HRW, 6.6 million bushels were HRS, 7.5 million bushels were SRW, and 3.2 million bushels were white wheat. Old crop milo sales totaled 2.8 million bushels this, continuing to fall below the marketing year-to-date sales estimates needed to reach USDA target values at 14%.   

Weather

The Thursday forecast for today looks sunny, with a high temperature near 83°F; winds coming out of the south at 10 to 15 mph before blowing out of the northwest later in the afternoon. Evening skies are mostly clear, with a low temperature around 41°F, with wind gusts up to 29 mph possible. A Hazardous Weather Outlook has been issued by the National Weather Service in Dodge City for portions of the state. Elevated fire weather conditions are possible this afternoon and an early evening cold front moving in is expected to bring more gusty winds prior to sunset. The forecast for Friday so far is sunny with a high temperature near 68°F; evening hours are mostly clear, with temperatures around 37°F. Moving into the weekend, we’re in for some sunny and mild weather; Saturday with a high around 69°F and Sunday in the upper-70s throughout the daytime hours. Evening temperatures remain similar in the mid-40s to upper-50s. Early next week appears mostly sunny with some light cloud cover. Monday and Tuesday, temperatures are anticipated in the mid- to upper-90s, while temperatures dip Wednesday to around 65°F. The evening hours early next week are mostly sunny with temperatures around the mid-40s to upper-50s.

Trivia Answers

1. 1863

2. x3