Corn

This morning, the USDA announced two private export sales, with 150,000 tons of corn sold to Mexico and 120,000 tons to unknown destinations, both for the 2024/25 marketing year.

According to NASS’s Crop Progress data, as of November 3, 91% of the U.S. corn harvest has been completed, surpassing the 5-year average of 75%.

Export Inspection data showed 779,078 tons (30.67 million bushels) of corn were shipped during the week ending October 31, down 7.3% from the previous week but up 35.6% from the same week last year. Of that, 521,067 tons were sent to Mexico and 83,013 tons to Japan. Cumulative exports for the marketing year have reached 7.423 million tons (292.24 million bushels), 33.7% higher than the same period last year.

StoneX estimates U.S. corn yield at 183.7 bushels per acre, down from the previous forecast of 184 bushels per acre.

The December 2024 contract closed at 568.75 cents per bushel, up 0.75 cents, equivalent to an increase of 0.13%.

Wheat

NASS’s weekly Crop Progress report indicated that 87% of the U.S. winter wheat acreage has been planted, slightly below the 89% average. Emergence is at 66%, 5% slower than the average. The condition rating improved by 4% in the good/excellent categories, reaching 41%, and the Brugler500 index rose 3 points to 316.

Export Inspection data revealed that 193,523 tons (7.1 million bushels) of wheat were exported in the week ending October 31, down 34.33% from the previous week but up 69.28% from the same week last year. Cumulative exports for the marketing year have reached 9.75 million tons (358.29 million bushels), 34.74 million bushels higher than last year.

Heavy rainfall spread across parts of the Southern Plains over the weekend, from the TX Panhandle to eastern KS, MO, and parts of IA/WI.

Egypt’s GASC issued a wheat purchase tender over the weekend, with no U.S. offers submitted; results are expected soon.

The December wheat contract closed at 568.75 cents per bushel, up 0.75 cents, equivalent to a decrease of 0.13%.

Soybeans

This morning, the USDA reported a private export sale of 132,000 tons of soybeans to unknown destinations for the 2024/25 marketing year.

As of Sunday, 94% of the U.S. soybean harvest has been completed, 9 percentage points faster than the 5-year average.

The weekly Export Inspection report from FGIS indicated that 2.159 million tons (79.32 million bushels) of soybeans were exported during the week ending October 31, down 17.9% from the adjusted total (up by 235,000 tons) of the previous week and 1.1% lower than the same week last year. Of this, 1.399 million tons were shipped to China and 134,308 tons to Mexico. Cumulative soybean exports for the marketing year reached 12.8 million tons (470 million bushels), 3.5% higher than last year.

StoneX’s latest estimate for U.S. soybean yield is 52.6 bushels per acre, down 0.9 bushels from the previous report.

The January 2025 soybean contract closed at 997.25 cents per bushel, down 3.5 cents, or 0.35%.