Corn

The USDA's Crop Progress report shows that the rating for corn categorized as good to excellent increased by 1% to 65%. In Brazil, the corn production for the 2024/25 season is estimated at 119.8 million tons, according to the initial estimates by CONAB. This figure is lower than the USDA's forecast of 127 million tons.

Futures prices for corn slightly increased, with the December 2024 Corn Contract settling at 412.5 cents per bushel, up 0.4% compared to the previous session.

Soybeans

NASS's weekly crop progress report indicates that 44% of the U.S. soybean crop had dropped leaves as of September 16, 7% faster than usual, with 6% already harvested, doubling the average pace. The good to excellent rating decreased to 64%.

CONAB forecasts Brazil's soybean crop to reach 166.28 million tons for the 2024/25 season. This figure is significantly higher than last year but still below the USDA's estimate of 169 million tons.

Soybean prices also edged slightly higher, with the November 2024 Soybean Contract closing at 1,006 cents per bushel, a 0.1% increase from the previous session.

Wheat

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

Japan is tendering for 123,000 tons of wheat from its regular suppliers— the U.S., Australia, and Canada. The tender is set for Thursday, with over 66,000 tons being sought from the U.S. The French Agriculture Ministry has reduced its soft wheat production estimate by 0.54 million tons to 25.78 million tons. SovEcon has increased its estimate for Russian wheat production by 0.4 million tons to 82.9 million tons.

Wheat prices diverged from corn and soybeans, with the December 2024 Wheat Contract closing at 575.75 cents per bushel, down nearly 0.5% from the previous session.

Source: Compilation