USDA lowered 2024 planted sugar beet U.S. area by 19,000 acres, mostly on a cut of 17,000 planted acres for Minnesota; minor cuts were also seen for Montana, Nebraska, and N. Dakota, partly offset by modest increases for Colorado, Michigan, and Wyoming. The new planted area estimate of 1.11 million acres is down 2 percent YOY and the lowest since 2008/09. Forecast harvest area near 1.09 million acres would be down 3 percent YOY and a five-year low. 

The impact of late July’s record rains and flooding in states like Minnesota and Nebraska is not yet known; typically, more mature beet plants are more resilient, but flooding can stunt the development of younger plants and increase the incidence of root diseases such as rhizomania. Planting in the Red River Valley was early, and we are unaware of any significant damage in Minnesota and N. Dakota; development has been variable in other states. 

Sep-24 corn futures hit a low of $3.9950 per bushel in today’s session after USDA published higher-than-expected corn stocks as of Jun. 1 (4.99 billion bushels) and increased projected 2024 corn plantings to 91.5 million acres. The market has closed lower for the last seven sessions, and today’s news weighed bearishly on market sentiment. The September contract is currently trading around $4.07, down over 14 cents from Thursday. 

Dec-24 futures are telling a similar story. After touching a low of $4.12 per bushel today, the contract is currently around $4.20, down almost 13 cents from yesterday.

U.S. soybean exports to China dropped to a less than 1 percent share.  

USDA estimates soybean planted area lower than average analyst expectations at 86.1 million acres, 4.7 percent lower YOY. Soybean stocks were near analyst forecasts at 970 million bushels. Average analysts expected soybean stocks to be 963 million bushels. 

June has been a period of price declines in the cocoa market. Net managed money has had negative growth YOY. Arrival volume from Ivory Coast and Ghana are out and still below previous years. The last week of June saw a continuous session drop in the futures market. Current weather in key cocoa producing regions gives hope for the new marketing year. 

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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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.