Corn

The USDA has reported a private export sale of 110,500 tons of corn to Mexico for delivery in the 2024/25 marketing year.

Crop Progress data in the final update of the year for corn shows that 95% of the crop had been harvested as of November 10, significantly above the 84% average for this time of year.

Weekly Export Inspection data from FGIS indicates 793,012 tons (31.22 million bushels) of corn were shipped in the week ending November 7. This is a 0.58% decrease from the previous week but a 10.35% increase from the same week last year. Of this total, 393,104 tons were shipped to Mexico and 136,377 tons to Colombia. Year-to-date shipments in the marketing year have reached 8.235 million tons (324.2 million bushels), up 31.32% compared to the previous year.

ANEC forecasts Brazil’s corn exports to total 5.38 million tons in November, an increase of 0.61 million tons from the previous week’s estimate.

The December 2024 corn futures closed at 428.5 cents per bushel, down 1.5 cents or 0.35%.

Wheat

Weekly Crop Progress data shows that 91% of the winter wheat area had been planted by November 10, with 76% having emerged, both figures being 2 and 3 percentage points above normal, respectively. Condition ratings improved by 3% to 44% good/excellent, and the Brugler500 index rose by 10 points to 326.

Export Inspection data reports that 347,321 tons (12.76 million bushels) of wheat were shipped in the week ending November 7, a 68.8% increase from the previous week and 41.9% higher than the same week last year. Of this total, 84,061 tons were bound for South Korea and 57,655 tons for the Philippines. Cumulative shipments for the marketing year reached 10.11 million tons (371.5 million bushels), up 28.8% from the previous year.

Japan is seeking 114,403 tons of wheat in its weekly tender from usual suppliers such as Australia, Canada, and the U.S., with 58,046 tons set to come from the U.S. The French Agriculture Ministry forecasts the country’s soft wheat output at 25.56 million tons, up by 0.13 million tons from last month.

December wheat futures closed at 552.25 cents per bushel, down 13.25 cents or 2.34%.

Soybeans

This afternoon's Crop Progress report shows the U.S. soybean harvest at 96% complete as of Sunday, ahead of the 91% average for this time of year. This is the final update of the year for soybeans.

Export Inspection data shows that 2.278 million tons (83.7 million bushels) of soybeans were shipped in the week ending November 7, down 1.3% from the previous week but up 13.3% from the same week last year. Of this total, 1.588 million tons were shipped to China, 174,913 tons to Egypt, and 158,886 tons to Vietnam. Cumulative shipments for the marketing year reached 15.228 million tons (559.5 million bushels), up 5.9% from last year.

ANEC’s estimate for Brazil’s soybean exports in November stands at 2.81 million tons, up 0.36 million tons from the previous week’s estimate.

January 2025 soybean futures closed at 1010.5 cents per bushel, down 11.75 cents or 1.15%.

Source: Compilation