Corn

The USDA's Crop Progress report indicates that 85% of the U.S. corn crop has reached the dent stage, 1% higher than the normal rate. The crop is also reported to be 45% mature, above the 38% average, with 9% already harvested, which is 3% higher than usual.

Export Inspection data shows that total corn exports reached only 521,000 tons in the week ending September 12. This figure is a 38% decrease from the previous week and a 23% decline compared to the same period last year.

AgRural estimates that 19% of the first corn crop has been planted in the Central-Southern region of Brazil.

Corn prices declined in the early-week session, with the December contract closing at 410.75 cents per bushel, down nearly 1% from the end of last week.

Soybeans

NASS's weekly crop progress report indicates that 44% of the U.S. soybean crop had dropped leaves as of September 16, which is 7 percentage points faster than normal, with 6% already harvested, doubling the average pace.

The USDA announced a private export sale of 132,000 tons of soybeans to an undisclosed location.

The USDA's Export Inspection report shows that 401,000 tons of soybeans were shipped in the week ending September 12. This is a nearly 10% increase from the previous week but a 7% decrease compared to the same period last year.

NOPA's crush data reports that the soybean crush volume among its members in August reached only 158 million bushels. This figure is significantly lower than trade estimates of over 171 million bushels, down 14% from the previous month and marking the lowest August crush since 2017. This reduced the total soybean oil stocks to 1.138 billion bushels, a 24% decrease from the previous month and nearly 9% lower than last year.

Canada's canola production is estimated at nearly 19 million tons, according to Stats Canada. This figure is 1.1% lower than last year and down from the previous estimate.

Soybean prices edged down slightly in the early-week session, with the November contract closing at 1,004.5 cents per bushel.

Wheat

Harvest progress reports show that 14% of the U.S. winter wheat crop has been planted, 1% faster than usual. The spring wheat crop has been 92% harvested, exceeding the 90% average pace.

Weekly Export Inspection data indicates that 556.9 thousand tons of wheat were shipped in the week ending September 12. This is a 10% decrease from the previous week but a 32% increase compared to the same period last year.

Statistics Canada released its wheat estimate for the 2024 crop year, forecasting a total wheat production of 34.29 million tons, a 4% increase from last year but below last week's WASDE estimate of 35 million tons.

Wheat prices faced downward pressure in the early-week session. The December contract settled at 578.5 cents per bushel, down nearly 3% from the end of last week.

Source: Compilation