Gas prices down 4 cents this week to $3.14, down $0.55 from last year. Diesel prices up 4 cents this week to $3.58, down $0.91 from last year
Cash Prices
CME GRAINS: Corn: $4.26 (+0.0125); Wheat: $5.925 (+0.0275); Soybeans: $10.34 (-0.0375); Soybean Meal: $324.80 (-5.70) (VIEW C OMMODITY QUOTES)
National Corn Wire
ENERGY PRICES: Crude Oil: $77.32 (+2.93); Ethanol: $1.605 (+0.045); Natural Gas: $2.732 (-0.121) (Crude Oil Settles Sharply Higher as the Middle East Remains on Edge)
Market Update
STOCK UPDATE: Dow 30: 41,954.24 (-398.51); Nasdaq: 17,923.90 (-213.95); S&P 500: 5,695.94 (-55.13) (Stocks Pressured by Reduced Rate-Cut Expectations and Middle East Tensions)
Market Update
Short-Range Weather Forecast: Record-breaking heat persists in California and the Southwest and will spread into the central U.S. by Saturday. Forecast highs are in the upper 90s to 100s, with heat advisories in place
Weather
USDA GRAIN STOCKS REPORT: Old crop corn stocks in all positions on September 1, 2024 totaled 1.76 billion bushels, up 29 percent from September 1, 2023. Of the total stocks, 780 million bushels are stored on farms, up 29 percent from a year earlier
Market Update
U.S. EXPORT SALES: Beef sales of 10,100 MT for 2024 were down 35 percent from the previous week and 34 percent from the prior 4-week average (3rd lowest so far in 2024)
Market Update
USDA CROP PRODUCTION: Corn production for grain is forecast at 15.2 billion bushels, up less than 1 percent from the previous forecast but down 1 percent from 2023. Based on conditions as of September 1, yields are expected to average 183.6 bushels per harvested acre
WASDE
CORN PLANTING PROGRESS: U.S. at 83%; Iowa at 88%; Kansas at 85%; Missouri at 87%; Texas at 92%; Ohio at 79%
US Cattle Report by National Beef Wire
Disney posts surprise profit in streaming entertainment, raises earnings forecast... Walt Disney's streaming entertainment unit posted its first profit, two quarters ahead of schedule, and the media company raised its annual earnings per share outlook as it said turnaround efforts were yielding results. (Reuters)
Market Update
COTTON PROGRESS: 54% of the cotton in the U.S. had been planted by May 22nd, compared to 37% last week and 47% last year
National Cotton Wire
AMARILLO WEATHER: Scattered showers and thunderstorms, then showers and possibly a thunderstorm after 8am. High near 52. Northeast wind 10 to 15 mph increasing to 15 to 20 mph in the afternoon. Winds could gust as high as 30 mph. Chance of precipitation is 90%. New rainfall amounts between a half and three quarters of an inch possible (NWS)
Weather
DROUGHT MONITOR: Drought coverage across the U.S. and Puerto Rico topped 40% (40.01%) for the first time since late September and for the fifth time in 2021. The lowest percentage of drought coverage across the U.S. & P.R. so far in 2021 occurred in late May (36.3%)
Market Update
DROUGHT MONITOR: Amidst the wild and devastating weather week, drought mostly held at status quo. The West saw some improvements, and the Southern Plains saw degradations, with mostly small changes elsewhere (VIEW REPORT)
Weather
DROUGHT MONITOR: It’s hot and dry in the Southwest. Exceptional drought (D4) has developed or expanded in parts of Utah and New Mexico. Meanwhile, most states in the West and Great Plains saw improvements, except for areas of Montana and Texas
Weather
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports