Comex Silver Delivery Intentions Breakdown - Apr 17

Black Sea agricultural consultancy SovEcon has raised its outlook for Russian wheat production in 2025 to 79.7 million metric tons. That's a 1.1 million-ton jump, driven by Russian crops being able to power their way through unfavorable weather conditions including deep cold, drought, and hailstorms. "Plants have weathered the winter well, and their condition has improved," said SovEcon analysts in a note. But it's not that the Russian wheat crop is good, it's just not as bad as expected, says Andrey Sizov of SovEcon. "Although recent weather has been favorable, overall crop conditions remain below average, and soil moisture deficits persist in many regions," says Sizov, adding that the overall condition of Russian wheat remains below its average level. Most-active CBOT wheat is up 0.7% pre-market. (kirk.maltais@wsj.com)

Energy stocks rose premarket Thursday as the Energy Select Sector SPDR Fund (XLE) advanced by 1.1% recently.

The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 0.2% lower.

Front-month US West Texas Intermediate crude oil was up 1.5% at $63.44 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.3% to $66.72 per barrel, and natural gas futures were 1% lower at $3.21 per 1 million British Thermal Units.

BP and partner Kosmos Energy said the first cargo of liquefied natural gas from the Greater Tortue Ahmeyim project, offshore Mauritania and Senegal, has been safely loaded. Shares of Kosmos Energy were up 9% premarket.

Source: CME Group 
APRIL 2025 COMEX 100 GOLD FUTURES 
INTENT DATE:   04/16/2025          DELIVERY DATE: 04/21/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
072      C    GOLDMAN                         20 
323      C    HSBC                                        66 
363      H    WELLS FARGO SECURITI                        12 
435      H    SCOTIA CAPITAL (USA)            55 
523      H    INTERACTIVE BROKERS                          1 
555      C    BNP PARIBAS SEC CORP                         1 
624      H    BOFA SECURITIES                           1400 
661      C    JP MORGAN SECURITIES            63 
686      C    STONEX FINANCIAL INC             3          45 
690      C    ABN AMRO CLR USA LLC            10           5 
709      C    BARCLAYS                      1000 
730      C    PTG DIVISION OF SGAS           300 
737      C    ADVANTAGE FUTURES               22 
905      C    ADM                             57 
 
                            TOTAL:         1,530       1,530 
                    MONTH TO DATE:                    62,993 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

By Joe Hoppe

Global grain production estimates for the year were lowered but remain close to a record high, the International Grains Council said Thursday.

The IGC forecasts global grain output at 2.303 billion metric tons in the 2024-25 season, down 3 million tons from March's estimate. This still reflects a near-record high, just shy of 2023-24's estimated harvest of 2.310 billion tons.

The cut mainly reflects tweaks to wheat and millet production, the IGC said. Consumption expectations were lowered 8 million tons to 2.328 billion tons.

For corn, the IGC raised expected output by 1 million tons to 1.218 billion tons compared with 1.233 billion tons a year earlier. The on-year fall mainly reflects downgraded South American prospects.

Wheat output is expected at 798 million tons, down 1 million tons on March's estimate, while rice estimates have been raised by 3 million tons to 537 million tons. This chiefly reflects an increased estimate for Indian production.

Soybean output expectations have been lowered by 1 million tons to 417 million tons, still a record on heavy U.S. and Brazilian harvests.

Looking ahead to the harvest season ending in 2026, the IGC projects an overall increase in output, led by corn and with advances for wheat and barley. Total grain output is expected to rise to 2.373 billion tons, up from a first estimate of 2.368 billion tons, with corn in particular increasing to 1.274 billion tons.

The estimate uses the latest acreage estimates and yield prospects.

Write to Joe Hoppe at joseph.hoppe@wsj.com

By Kirk Maltais

Export sales of U.S. soybeans for the week ended April 10 rose from the previous week, climbing 74% from the prior four-week average, according to data from the Department of Agriculture.

In its weekly export-sales report Thursday, the USDA said export sales of U.S. soybeans totaled 736,600 metric tons across the 2024-2025 and 2025-2026 marketing years. Unknown destinations were the biggest purchasers of soybeans for the week, buying at least 181,800 tons for delivery in the next marketing year.

Mexico, the Netherlands, Germany, and Egypt were leading buyers of soybeans for the week, as was China--although China's showing was mixed. The country had purchased 135,000 tons for 2025-2026 delivery using the "unknown destinations" moniker, but it also reduced its purchase by 65,500 tons this week.

Soybean sales for the week landed closer to the top end of forecasts from analysts surveyed by The Wall Street Journal this week. Wheat and corn sales were also closer to the high end of forecasts, at 350,400 tons and 1.57 million tons across both marketing years, respectively.

CBOT grain futures are higher in premarket trading--with most-active corn up 0.2%, soybeans up 0.3%, and wheat rising 0.7%.

To see related data, search "U.S. Export Sales: Weekly Sales Totals" in Dow Jones NewsPlus.

Write to Kirk Maltais at kirk.maltais@wsj.com

USDA Thursday released the following export highlights in its Export Sales report for week ended April 10.

Source: USDA

Wheat: Net sales of 76,500 metric tons (MT) for 2024/2025 were down 29 percent from the previous week, but up 2 percent from the prior 4-week average. Increases primarily for the Dominican Republic (30,700 MT, including 24,400 MT switched from unknown destinations and decreases of 800 MT), Venezuela (25,800 MT, including 22,000 MT switched from unknown destinations), South Korea (22,300 MT), Colombia (22,300 MT, including 22,600 MT switched from unknown destinations and decreases of 1,000 MT), and Mexico (13,100 MT, including decreases of 63,800 MT), were offset by reductions for unknown destinations (44,200 MT), Nigeria (30,200 MT), and El Salvador (11,700 MT). Net sales of 273,900 MT for 2025/2026 were primarily for Mexico (142,300 MT), Japan (58,900 MT), Nigeria (31,000 MT), Jamaica (19,000 MT), and El Salvador (12,600 MT). Exports of 483,500 MT were up 43 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (93,700 MT), Japan (84,100 MT), Thailand (68,300 MT), Nigeria (52,300 MT), and Taiwan (46,700 MT).

Corn: Net sales of 1,561,900 MT for 2024/2025 were up 99 percent from the previous week and 39 percent from the prior 4-week average. Increases primarily for Mexico (401,500 MT, including 10,000 MT switched from unknown destinations and decreases of 45,500 MT), Japan (263,300 MT, including 183,900 MT switched from unknown destinations), Spain (240,000 MT), Colombia (157,300 MT, including 83,600 MT switched from unknown destinations and decreases of 1,900 MT), and Panama (129,800 MT, including 24,200 MT switched from unknown destinations and decreases of 2,100 MT), were offset by reductions for Nicaragua (15,000 MT), the Dominican Republic (8,100 MT), Guatemala (4,000 MT), and El Salvador (1,600 MT). Total net sales of 10,000 MT for 2025/2026 were for Mexico. Exports of 1,880,400 MT--a marketing-year high--were up 11 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (713,000 MT), Japan (265,200 MT), Colombia (176,100 MT), Taiwan (160,600 MT), and South Korea (133,800 MT).

Late Reporting: For 2024/2025, net sales and exports of 21,848 MT were reported late for Venezuela.

Barley: No net sales for 2024/2025 were reported for the week. Exports of 200 MT were to Canada.

Sorghum: Total net sales of 11,500 MT for 2024/2025 were down 49 percent from the previous week and 44 percent from the prior 4-week average. Increases were for Mexico, including decreases of 100 MT. Exports of 15,800 MT were down 61 percent from the previous week, but up 5 percent from the prior 4-week average. The destination was primarily to Mexico (15,600 MT).

Rice: Net sales of 15,000 MT for 2024/2025 were down 57 percent from the previous week and 69 percent from the prior 4-week average. Increases primarily for Mexico (10,400 MT), Haiti (7,100 MT), Japan (1,700 MT), Canada (900 MT), and Honduras (600 MT, including decreases of 800 MT), were offset by reductions for unknown destinations (6,000 MT) and Senegal (200 MT). Exports of 80,200 MT were up noticeably from the previous week and up 24 percent from the prior 4-week average. The destinations were primarily to Senegal (34,800 MT), Honduras (19,900 MT), Japan (14,800 MT), Mexico (5,400 MT), and Canada (2,400 MT).

Soybeans: Net sales of 554,800 MT for 2024/2025 were up noticeably from the previous week and up 74 percent from the prior 4-week average. Increases primarily for Mexico (156,800 MT, including decreases of 6,100 MT), the Netherlands (127,100 MT, including 120,000 MT switched from unknown destinations and decreases of 2,900 MT), Germany (118,400 MT), Egypt (107,800 MT, including 56,800 MT switched from unknown destinations), and China (72,800 MT, including 135,000 MT switched from unknown destinations and decreases of 65,500 MT), were offset by reductions for unknown destinations (170,000 MT). Net sales of 181,800 MT for 2025/2026 were reported for unknown destinations (181,000 MT), Vietnam (500 MT), and Japan (300 MT). Exports of 721,900 MT were down 6 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to China (204,000 MT), the Netherlands (127,100 MT), Germany (118,400 MT), Mexico (80,300 MT), and Egypt (56,800 MT).

Exports for Own Account: For 2024/2025, the current exports for own account outstanding balance of 2,600 MT are for Taiwan (1,600 MT), Bangladesh (500 MT), and Malaysia (500 MT).

Export Adjustments: Accumulated exports of soybeans were adjusted down 60,381 MT to the Netherlands for week ending February 27 and 58,018 MT for week ending March 6. The correct destination for these shipments is Germany.

Soybean Cake and Meal: Net sales of 146,200 MT for 2024/2025 were down 47 percent from the previous week and 18 percent from the prior 4-week average. Increases primarily for Panama (46,700 MT, including 10,000 MT switched from unknown destinations), Colombia (29,900 MT, including 2,000 MT switched from Venezuela and decreases of 300 MT), Canada (14,600 MT), Ecuador (12,000 MT), and Venezuela (8,200 MT, including 5,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (3,500 MT), El Salvador (1,300 MT), Guatemala (1,300 MT), the Dominican Republic (1,100 MT), and Vietnam (600 MT). Net sales of 8,800 MT for 2025/2026 were reported for Vietnam (5,000 MT) and Mexico (3,800 MT). Exports of 280,300 MT were down 22 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to the Philippines (51,000 MT), Mexico (44,700 MT), Colombia (41,200 MT), the Netherlands (33,200 MT), and Vietnam (27,100 MT).

Optional Origin Sales: For 2024/2025, options were exercised to export 17,100 MT to Ecuador from other than the United States. The current outstanding balance of 34,200 MT, all Ecuador.

Soybean Oil: Net sales of 10,300 MT for 2024/2025 were down 49 percent from the previous week and 64 percent from the prior 4-week average. Increases primarily for Mexico (6,300 MT), the Dominican Republic (2,100 MT), Honduras (1,200 MT), and Colombia (1,000 MT, including decreases of 3,700 MT), were offset by reductions for Canada (400 MT). Total net sales of 2,200 MT for 2025/2026 were for Mexico. Exports of 16,400 MT were down 55 percent from the previous week and 56 percent from the prior 4-week average. The destinations were primarily to Colombia (8,000 MT), the Dominican Republic (4,500 MT), Mexico (3,100 MT), and Canada (700 MT).

Cotton: Net sales of Upland totaling 202,000 RB for 2024/2025 were up 76 percent from the previous week and 88 percent from the prior 4-week average. Increases primarily for Vietnam (90,900 RB, including 19,000 RB switched from China, 900 RB switched from South Korea, and 100 RB switched from Hong Kong), India (35,300 RB), Turkey (32,000 RB, including decreases of 8,100 RB), Pakistan (19,300 RB, including 1,600 RB switched from China), and Malaysia (10,500 RB, including 900 RB switched from China), were offset by reductions for China (13,100 RB), South Korea (900 RB), and Hong Kong (100 RB). Net sales of 65,900 RB for 2025/2026 were primarily for Pakistan (21,500 RB), Vietnam (11,700 RB), Guatemala (11,100 RB), Honduras (10,000 RB), and Mexico (5,700 RB). Exports of 328,200 RB were down 13 percent from the previous week and from the prior 4-week average. The destinations were primarily to Vietnam (87,100 RB), Pakistan (58,600 RB), Turkey (44,300 RB), India (18,100 RB), and Bangladesh (16,000 RB). Net sales of Pima totaling 2,400 RB for 2024/2025 were down 12 percent from the previous week and 83 percent from the prior 4-week average. Increases primarily for Pakistan (1,400 RB), Vietnam (400 RB), Djibouti (400 RB switched from Ethiopia), India (300 RB), and Thailand (200 RB), were offset by reductions for Ethiopia (400 RB). Exports of 6,700 RB were down 17 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to India (3,100 RB), Vietnam (1,900 RB), Peru (1,000 RB), Italy (300 RB), and Egypt (200 RB).

Optional Origin Sales: For 2024/2025, the current outstanding balance of 8,800 RB, all Pakistan.

Exports for Own Account: For 2024/2025, new exports for own account totaling 1,000 RB were to Vietnam. The current exports for own account outstanding balance of 18,300 were to China (16,300 RB) and Vietnam (2,000 RB).

Hides and Skins: Net sales of 256,300 pieces for 2025 were down 24 percent from the previous week and 22 percent from the prior 4-week average. Increases primarily for Mexico (86,700 whole cattle hides, including decreases of 1,400 pieces), Thailand (55,800 whole cattle hides, including decreases of 1,000 pieces), South Korea (49,800 whole cattle hides, including decreases of 700 pieces), China (48,000 whole cattle hides, including decreases of 6,700 pieces), and Vietnam (9,700 whole cattle hides), were offset by reductions for Taiwan (1,500 pieces), Brazil (200 pieces), and Turkey (100 pieces). In addition, total net sales of 1,400 kip skins were for Japan. Exports of 315,800 whole cattle hides were up 8 percent from the previous week, but down 7 percent from the prior 4-week average. The destinations were primarily to China (149,200 pieces), Mexico (66,000 pieces), South Korea (47,200 pieces), Thailand (32,400 pieces), and Brazil (12,200 pieces).

Net sales of 64,300 wet blues for 2025 were up noticeably from the previous week, but down 51 percent from the prior 4-week average. Increases reported for Vietnam (30,300 unsplit), Italy (23,900 unsplit and 6,000 grain splits, including decreases of 100 unsplit), South Korea (4,200 grain splits), Japan (800 grain splits), and Thailand (400 unsplit), were offset by reductions for Brazil (1,200 unsplit), Hong Kong (100 unsplit), and China (100 unsplit). Exports of 141,100 wet blues were up 12 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to Vietnam (45,900 unsplit), Thailand (35,400 unsplit), Italy (22,800 unsplit), Brazil (10,200 unsplit), and Hong Kong (8,300 unsplit). No net sales of splits were reported for the week. Exports of 40,600 splits were for Vietnam.

Beef: Net sales of 17,500 MT for 2025 were up 47 percent from the previous week and 78 percent from the prior 4-week average. Increases were primarily for Japan (7,700 MT, including decreases of 300 MT), South Korea (3,700 MT, including decreases of 500 MT), Mexico (2,100 MT), Taiwan (1,300 MT, including decreases of 100 MT), and Canada (900 MT). Exports of 14,600 MT were down 3 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (5,600 MT), Japan (3,500 MT), China (1,400 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

Pork: Net sales of 20,500 MT for 2025 were down 14 percent from the previous week and 35 percent from the prior 4-week average. Increases were primarily for Japan (7,100 MT, including decreases of 200 MT), Mexico (3,200 MT, including decreases of 200 MT), South Korea (2,300 MT, including decreases of 1,300 MT), Colombia (2,100 MT, including decreases of 100 MT), and Canada (1,900 MT, including decreases of 100 MT). Exports of 30,900 MT were up 3 percent from the previous week, but down 3 percent from the prior 4-week average. The destinations were primarily to Mexico (11,100 MT), South Korea (5,300 MT), Japan (4,400 MT), China (2,900 MT), and Colombia (2,000 MT).

                       April 17, 2025   1/FOREIGN AGRICULTURAL SERVICE/USDA 
                                    SUMMARY OF EXPORT TRANSACTIONS 
                          REPORTED UNDER THE DAILY SALES REPORTING SYSTEM 
                                    FOR PERIOD ENDING APRIL 10, 2025 
 
COMMODITY          DESTINATION        QUANITY (MT)          MARKETING YEAR 
CORN               SPAIN             240,000 MT 1/             2024/2025 
SOYBEANS           UNKNOWN           253,000 MT 1/             2024/2025 
SOYBEANS           UNKNOWN            66,000 MT 1/             2025/2026 
 
1/ Export sales. 
 
Write to Valena Henderson at csstat@dowjones.com