DRY COMMODITY Trends

Farmer's Report

Dry Commodity Trends - July 19, 2024

Sugar

  • Offered price levels for the balance of calendar 2024 remain unchanged, with little new trading volume reported by vendors this week
  • The USDA’s weekly crop ratings for both beet and cane sugar were mostly unchanged from the prior week, and remain in mostly good condition at this stage
  • The USDA raised its 2024/2025 domestic sugar production estimate in its July supply/demand report, putting the ending stocks-to-use ratio back up to 13.5%
  • Both domestic and global sugar futures have continued to trade above their May lows

Dry Beans

  • Dry bean end users have completed Q3 coverage, and continue to seek offers for Q4, according to this week’s updates from cash dealers, who report that early crop conditions remain mostly favorable
  • The USDA reported that 2024 all dry bean planted acres are up 15.2% compared to last year
  • USDA weekly cash prices are below last year’s levels for the spot position on several dry bean varieties, down slightly from last week

Rice

  • Bookings of milled and industrial rice are now mostly complete for coverage through Q4, according to cash traders
  • The USDA raised its 2024/2025 all-rice supply estimate in its July supply/demand report by 2.5 million cwt., to 307 million cwt., due to increased production and imports
  • As of early this week, the November rice futures contract had fallen 7.6% from the June high

FLOUR

  • The wheat markets were lower through Wednesday of this week vs. the prior week
  • At this week’s low, the spot Kansas City wheat futures had fallen 28% from the May high
  • Russian wheat prices are down from their May high, but have started to stabilize following a large purchase from Egypt’s General Authority for Supply Commodities this week, as reported by Reuters
  • The USDA raised its 2024/2025 all-wheat ending stocks projection by 98 million bushels in its July supply/demand report, which was higher than analysts had anticipated
  • The U.S. winter wheat harvest is now 71% complete, up from 63% last week, and well above the 62% posted last year at this time
  • The USDA reported the spring wheat crop at 77% good-to-excellent this week, up from 75% last week, and well above the 51% rating at this time last year
  • Domestic winter wheat basis offers have remained mostly steady over the last month, and remain in line with levels from last year at this time, according to analysts

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.