Corn

The USDA reported private export sales of 332,000 tons of corn for the 2024/25 crop year to unknown destinations, with an additional 1.62 million tons headed to Mexico.

The weekly crop progress report indicated that the U.S. corn harvest was 47% complete as of October 13, 8 percentage points ahead of the 5-year average. Only Colorado, North Dakota, and Pennsylvania were reported to be behind the 5-year average among the top 18 states.

The December 2024 corn futures closed at 404.75 cents per bushel, up 3.5 cents, equivalent to a 0.87% increase.

Wheat

Wheat futures saw gains across all three major exchanges on Wednesday.

Crop progress data showed that winter wheat planting was 64% complete as of October 13, slightly below the 5-year average of 66%. The emergence rate was 35%, compared to the 5-year average of 38%.

FranceAgriMer forecasts French soft wheat stocks to total 2.51 million tons, down 0.24 million tons from last month.

The December wheat futures closed at 585 cents per bushel, up 5.5 cents, or a 0.95% increase.

Soybeans

The USDA reported a private export sale of 175,000 tons of soybeans to an unknown destination this morning.

A delayed crop progress report from NASS indicated that 67% of the U.S. soybean harvest was complete by Sunday, 16% ahead of the 5-year average. Only Louisiana was reported to be behind its average harvest pace, while all other major producing states in the top 10, except Nebraska (+8%), exceeded their typical harvest rates by double digits.

The November soybean futures closed at 980 cents per bushel, down 11 cents, or a 1.11% decrease.

Coffee

Global Coffee Market The global coffee market is experiencing significant fluctuations today. Arabica coffee prices have risen slightly due to concerns about supply shortages. ICE-monitored Arabica stocks fell to a 4-month low, with around 795,874 bags last week. Similarly, Robusta coffee prices have edged up, driven by limited production in key countries like Vietnam and Indonesia. However, Vietnam, the world's largest producer of Robusta, may help alleviate the global supply shortage in the near future.

Additionally, dry weather in Brazil, one of the largest coffee producers globally, has severely impacted crops. This has led to reduced Arabica output and could further drive prices higher in the coming months.

Domestic Coffee Market Vietnam's domestic coffee market has seen notable fluctuations.

Robusta coffee prices in Vietnam have declined sharply for the second consecutive week, mainly due to depleted supply following the harvest season. This has resulted in lower export volumes but a significant increase in export value.

Source: Vietstock

According to data from the General Department of Customs, Vietnam's coffee exports fell to their lowest level this year in September, with 51,369 tons valued at $286.9 million. This marks a 32.6% decrease in volume and a 28.7% decline in value compared to the previous month. However, compared to the same period last year, there was a 0.8% increase in volume and a 70.1% increase in value.

Notably, domestic Robusta prices are currently high, exceeding 72,000 VND/kg, and are expected to remain elevated in the first half of 2024 due to limited supply.

Furthermore, demand for Robusta coffee remains robust, driving up prices in export markets like the EU, where the average price reached around $4,958/ton in July 2024, significantly higher than the same period last year.

Source: Compiled