Corn

The Weekly Crop Progress report indicates that corn harvesting in the U.S. was 47% complete as of October 13, 8 percentage points ahead of the 5-year average pace.

Data from the Export Inspection Report shows that only 430,323 tons (16.9 million bushels) of corn were exported in the week ending October 10, marking the lowest figure since last November. This is a decrease of 54.61% compared to the previous week and down 7.78% from the same week last year. Total exports for the marketing year have reached 4.719 million tons (185.76 million bushels) so far, up 19.03% from the same period last year.

The December 2024 corn futures contract settled at $401.25, down $7, equivalent to a 1.71% decrease.

Wheat

A private export sale of 120,000 tons of SRW wheat was reported to Mexico this morning, with delivery scheduled for the 2024/25 marketing year.

The Crop Progress data shows that winter wheat planting was 64% complete as of October 13, 2% behind the average pace. The germination rate was 35%, compared to the 5-year average of 38%. The Weekly Export Inspection report from FGIS indicates a total of 371,004 tons (13.63 million bushels) of wheat were exported in the week ending October 10. Total marketing year sales have reached 8.98 million tons (330 million bushels), up 33% from the same period last year.

The French soft wheat crop is estimated at 25.43 million tons, according to a report from the country’s Ministry of Agriculture, down 1.35 million tons from the previous month's estimate.

CONAB released its initial figures for the 2024/25 crop this morning, estimating total corn production at 119.74 million tons, up 4.04 million tons from their estimate for the 2023/24 marketing year. The second crop production estimate is 94.63 million tons, an increase of 4.37 million tons from the previous year.

The December 2024 wheat futures contract closed at $579.5, down $5.75, or 0.98%.

Soybeans

The USDA reported a private export sale of 131,000 tons of soybeans to China for the 2024/25 marketing year this morning through their daily reporting system.

The Crop Progress report shows that soybean harvesting in the U.S. was 67% complete by Sunday, 16% ahead of the 5-year average pace. The delayed Export Inspection report indicates a total of 1.575 million tons (57.89 million bushels) of soybeans were exported in the week ending October 10. This represents a 25.3% decline compared to last year and a slight decrease from the previous week.

Total marketing year sales have reached 5.13 million tons as of that date, down 6.8% from the same period last year.

The monthly NOPA report shows soybean crush in September totaled 177.32 million bushels, surpassing trade estimates by about 7 million bushels. This set a record for September, up 7.17% from last September's record and 12.22% higher than August's total.

Soybean oil stocks were slightly below estimates, reaching 1.066 billion pounds on September 30, down 3.74% from last year and 6.34% from August despite higher production.

The November soybean futures contract closed at $991, down $5, or 0.5%.

Source: Barchart