Hammersmith Reports

Hammersmith Reports 3 Avenue Marie Gasquet, St Remy de Provence, 13210 France Phone: +33.6.8068.4564 Email: wbacon@hammersmith.biz WWW: hammersmithltd.blogspot.com WEEKLY USA GRAIN AND PROTEIN REPORT -- August 03, 2024 This was a down week for most every commodity as corn, wheat and soybeans hit their futures contract lows. Soybeans were lower again this with USA old crop beans dropping by about USD 18 m/t while new crop beans were down by around USD 8 m/t --- the premium for old crop beans has almost all disappeared. Corn prices were down a dollar or two while soymeal didn’t change much and most types of wheat were up by about USD 5 m/t. Corn prices in the USA did finish the week with a small rally on Friday as hot, dry weather for the weekend had the market a little worried. Trade reports at the end of the week all seem to feel that there is little reason to expect a run higher in US corn prices – lower corn prices are expected as we move toward the corn harvest. Soybeans too had an up day on Friday but were still down on the week. New sales to China and hot, dry weather seemed to be the factors in Friday’s rally. Like corn, no one is expecting a rally in soybean prices in the near term. However, exports did say that the soymeal market could be trending higher on strong soymeal demand, both domestic and export. USA wheat prices were up on the still active concern over spring wheat condition. Higher international market prices also gave a little push higher to US wheat as the wheat crop quality in France and Germany looks lower than average which could result in higher levels of feed wheat in Europe. Estimated Bulk Grain Freight in USD per m/t, basis heavy grains.