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1. On November 5th, the new sugar quotation of sugar enterprises in Kunming spot market was lowered by 30 yuan to 6350 yuan/ton. As of November 4th, two sugar companies in Yunnan have started crushing, and it is estimated that the sugar production in Yunnan Province will increase by about 150000 tons year-on-year during the 2024/2025 crushing season.
2. As of November 1, 2024 (Week 44), the commercial inventory of palm oil in key regions of China was 505400 tons, an increase of 15300 tons or 3.12% compared to the previous week; Compared to last year, the amount of 972700 tons decreased by 467300 tons, a decrease of 48.04%.
3. In the 44th week of 2024, the soybean inventory of major oil factories in China decreased, soybean meal inventory decreased, and unfulfilled contracts increased. In the 44th week (October 26 to November 1), the actual soybean crushing volume of oil factories was 1.8527 million tons, with a start-up rate of 53%; 192500 tons lower than estimated.
4. As of November 1st, the rapeseed inventory of major oil factories in coastal areas was 717500 tons, an increase of 17500 tons compared to last week; The inventory of rapeseed meal was 65000 tons, an increase of 2500 tons compared to last week; The unexecuted contract amounted to 260000 tons, an increase of 107000 tons compared to last week.
5. According to the Ukrainian Ministry of Agriculture, as of November 4th, the export volume of Ukrainian grains for the year 2024/25 (starting from July) was 14.659 million tons, higher than 13.8 million tons a week ago, an increase of 49.7% from 9.794 million tons in the same period last year, and a year-on-year increase of 55.0% a week ago. The grain export volume from November 1st to 4th was 259000 tons, lower than the 550000 tons in the same period last year.
6. The US Department of Agriculture's (USDA) weekly crop growth report shows that as of the week of November 3, the soybean harvest rate in the United States was 94%, lower than the market expectation of 95%. The previous week was 89%, compared to 89% in the same period last year, and the five-year average was 85%.
7. The US Department of Agriculture's (USDA) weekly crop growth report shows that as of the week ending November 3, the US corn harvest rate was 91%, higher than market expectations of 90%. The previous week was 81%, compared to 78% in the same period last year, and the five-year average was 75%.
8. According to the US Department of Agriculture's Export Inspection Weekly, the inspection volume of US corn exports decreased by 7% last week compared to a week ago, but increased by 36% compared to the same period last year. As of the week ending October 31, 2024, the inspection volume of US corn exports was 779078 tons, compared to 840435 tons last week and 574558 tons in the same period last year.
9. StoneX released a November report predicting that Brazil's total corn production for 2024/25 will reach 128.5 million tons. Even though domestic consumption and exports are expected to increase, ending inventory will still reach 19.5 million tons.
10. According to a Reuters survey, palm oil inventories in Malaysia are expected to reach 1.92 million tons in October 2024, a decrease of 4.64% from September, due to increased export demand and reduced production; The expected output is 1.76 million tons, a decrease of 3.2% compared to September; The export volume is expected to be 1.63 million tons, an increase of 5.64% compared to September, marking the second consecutive month of increase.