Nearby #11 sugar fell below 19.00 cents in this week’s trading, finding support just below that level at its 20-day moving average. Brazil’s center-south sugar production from April through May is up 12 percent YOY. In the U.S. market, nearby #16 sugar rebounded from below 37.00 cents back closer to 38.00 cents, presumably finding support from the prior recovery in world sugar futures. Light crude has continued its runup, reaching its highest point since late April and trading above $81.00 on Friday. 

The U.S. corn crop is doing well so far—planted acres are emerged and in good shape—but Corn Belt weather appears to be headed to a hot, dry July, not conducive to high yield numbers. Corn use for ethanol and exports this season is keeping close to USDA’s projection, so hopefully this means a good supply of corn will be carried over from 2023/24 into 2024/25 supply. We’ll know more about stocks next week after the quarterly stocks report is published.

U.S. soybean crush for May 2024 shows that idle soy processors restarted and recorded soybean crush at 1836.million bushels. The crush was above average analyst estimates, exceeding 2023’s volume. Soybean oil demand for biofuels keeps increasing MOM and YOY. 

Canada refined oil supply had dropped in April 2024 with production, imports, and stocks down YOY. COPA crush was also down MOM, from March to April 2024.

Don’t miss our upcoming webinar! Summer Market Outlook 2024

Wednesday, June 26, 2024 at 11:00 AM PT | 2:00 PM ET

It’s grow time! Crops are being planted, weather is being watched, and buyers of products derived from row crops are focused on the market. Come listen to our experts—and ready your questions—for a discussion of the summer market outlook for grains, the soy complex, and sugar.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.