Corn

The weekly Crop Progress report from NASS shows that 92% of U.S. corn has reached the dent stage, with 61% fully matured. Harvest progress is at 14%, 3 percentage points faster than the 5-year average. The condition ratings remained unchanged in the very good category at 65%, with a 1% shift from very good to good, bringing the Brugler500 index down 1 point to 364.

This morning’s Export Inspection report showed a total of 1.102 million metric tons (MMT) of corn shipped during the week ending September 19. This marks a strong improvement from the previous week and is 55.2% larger than the same week in 2023. The majority was exported to Mexico, totaling 469 thousand tons, with 311 thousand tons going to Colombia and 131 thousand tons to Japan. A total of 2.14 million tons of corn have been shipped so far in the marketing year (84.38 million bushels), now up 5.94% from the same time last year.

The December Corn futures contract settled at 413.5 cents per bushel on September 23, up 3% from last week’s trading session.

Soybeans

NASS reported that 65% of U.S. soybean acres had dropped leaves as of September 22, ahead of the 57% average, with 13% harvested, 5% faster than usual. Crop condition ratings remained steady, with 64% rated very good, and the Brugler500 index held steady at 362.

The USDA reported a private export sale this morning of 165,000 tons of soybeans to an unknown destination under the daily reporting system.

Export Inspection data showed 485,000 tons (17.83 million bushels) of soybeans were shipped during the week ending September 19. This is down 4.5% from the same week last year but slightly above the previous week. A total of 171,000 tons of soybeans are en route to China, with more than 74,000 tons headed to Mexico. With less than 3 weeks into the marketing year, 1.232 million tons (45.27 million bushels) have been exported, down 6.1% from last year.

Soybean planting progress in Brazil is estimated at 0.9% by AgRural, lower than the 1.9% rate this time last year.

The settlement price on September 23 was 1,309 cents per bushel, up 3% from last week’s trading session.

Wheat

The Crop Progress report from NASS this afternoon shows that 25% of U.S. winter wheat acres were planted as of Sunday, 1% ahead of the usual pace of 24%. Emergence is at 4%, 1 percentage point slower than the 5-year average. Spring wheat was 95% harvested by September 22, 1% ahead of normal.

Weekly shipment data from the Export Inspection report recorded 711,000 tons of wheat exported during the week of September 19. This is a strong increase of 20.77% from the previous week and 46.39% higher than the same period last year. Shipments were fairly evenly distributed, with 86,000 tons sent to Ecuador, 69,000 tons to the Philippines, and over 68,000 tons to South Korea. Total wheat shipped for the marketing year is 7.684 million tons, up 35.69% from last year.

The settlement price on September 23 was 582.5 cents per bushel, up 2% from last week’s trading session.

Source: Compiled Data