Corn

The average closing price of the December corn futures contract so far in October is $4.17 USD. This is 49 cents lower than the base insurance price in February. After a series of export contracts were announced on Monday, another shipment of 359,500 tons of corn was reported exported to Mexico.

The weekly Crop Progress Report showed that 98% of U.S. corn had matured as of October 20, up from the 95% average. Harvesting was 65% complete, 13 percentage points faster than the 5-year average pace. All 18 states reported by NASS were harvesting at or faster than their respective average pace.

Brazil's ANEC predicts that corn exports in October will total 6.24 million tons, up by 0.02 million tons from the previous estimate but down from 8.45 million tons exported last year.

The December 2024 corn contract ended with a settlement price of 416.5 cents/bushel, up 7 cents, equivalent to a 1.71% increase.

Soybeans

The average closing price of the November soybean futures contract so far in October is $10.12 USD. This is $1.43 lower than the base insurance price in February.

Monday's Crop Progress Report showed that U.S. soybean harvesting was 81% complete as of October 20, significantly higher than the 5-year average of 67%. All 18 reported states were harvesting at a faster-than-normal pace.

Brazil's ANEC estimates the country's soybean exports in October will total 4.63 million tons, up by 0.29 million tons from the previous estimate, but still lower than last year's 5.53 million tons.

The November soybean contract ended with a settlement price of 991.75 cents/bushel, up 10.75 cents, equivalent to a 1.1% increase.

Wheat

Wheat markets overcame overnight weakness, with all three markets closing with gains. Chicago SRW wheat futures increased by 3 to 4 cents for the day. KC HRW contracts rose by 3 1/4 to 4 3/4 cents. Spring wheat in MPLS was up by 2 to 3 3/4 cents so far for the day.

Monday's Crop Progress Report showed that 73% of U.S. winter wheat acreage had been planted as of October 20, 3 percentage points slower than the normal pace. The emergence rate was at 46%, compared to the 52% average.

Several Russian companies have issued initial estimates for the 2025 wheat production, with IKAR forecasting between 80 and 85 million tons, and SovEcon projecting 80.1 million tons. The European Commission reported that soft wheat exports from the EU totaled 7.02 million tons from July 1 to October 20, down from 10.22 million tons last year.

The December wheat contract ended with a settlement price of 576 cents/bushel, up 3.75 cents, equivalent to a 0.66% increase.