Corn

The United States Department of Agriculture (USDA) reported private export sales totaling 124,000 MT of corn to Japan, with an additional 120,000 MT sold to unknown destinations.

The USDA’s Export Inspections report indicated that 823,664 MT (32.43 mbu) of corn were shipped in the week of October 24, down 17.73% from the previous week but 52.31% higher than the same week last year. Mexico was the largest destination with 386,252 MT, followed by Colombia with 235,441 MT. Year-to-date exports have reached 6.62 MMT (260.62 mbu), up 33% from the same point last year. Friday’s CFTC Commitments of Traders report showed managed money cutting 15,489 contracts from their net short position in corn futures and options as of October 22, bringing the net position to -71,499 contracts. Commercial traders added 22,541 contracts to their net short position, totaling -155,577 contracts.

AgRural estimated that 52% of Brazil’s first corn crop had been planted as of last Thursday.

The December 2024 contract closed at 541 cents/bushel, down 11.25 cents, equivalent to a 2.04% decrease.

Wheat

Weather forecasts indicate that rain will continue over the next 7 days, with 1 to 2 inches expected to fall across much of the Southern Plains and the eastern half of the U.S.

Russia’s Rusagrotrans company projects that the country’s wheat planting area for the 2025/26 season will fall to its lowest level since the 2018/19 season, at 15.4 million hectares (38.1 million acres). The Rosario Grain Exchange estimates Argentina’s wheat production at 18.8 MMT, down 0.7 MMT from the previous estimate.

The December wheat contract closed at 552.25 cents/bushel, down 13.25 cents, equivalent to a 2.34% decrease.

Soybeans

The average closing price for November soybean futures so far in October is $10.12, which is $1.43 below the February base insurance price. The USDA reported private export sales of 259,000 MT of soybeans to unknown destinations and 130,000 MT to China for 2024/25 shipment.

The USDA’s weekly Export Sales report will be published on Thursday morning, with expectations for soybean sales during the week of October 17 ranging from 1.2 to 2.4 MMT for the 2024/25 marketing year, and 0 to 100,000 MT for the 2025/26 year. Meal sales are projected to be between 150,000 and 400,000 MT, while bean oil bookings are anticipated to range from 0 to 50,000 MT.

The January 2025 soybean contract closed at 1,007.75 cents/bushel, down 2.75 cents, representing a 0.27% decrease.