Corn

The USDA reported this morning a private export sale of 100,000 metric tons of corn to unknown destinations for 2024/25 delivery. Export Sales data will be released on Thursday morning, with a Reuters survey of traders expecting sales to range between 2.2-3.3 million metric tons for 2024/25 and 500,000 to 850,000 metric tons for 2025/26 in the week ending October 17.

The weekly EIA Petroleum Status Report showed ethanol production totaling 1.081 million barrels per day during the week of October 23, up 39,000 barrels per day from the previous week. Stocks were down 52,000 barrels to 22.223 million barrels. Ethanol inputs by refiners averaged 915,000 barrels per day, up 3,000 barrels per day from the previous week. Gasoline product supplied during the week reached 8.838 million barrels per day, up from the previous week.

December 2024 corn futures closed at 419 cents per bushel, up 2.5 cents, representing a 0.6% increase.

Soybeans

The USDA reported this morning a private export sale of 259,000 metric tons of soybeans to unknown destinations and 130,000 metric tons of soybeans to China, both for 2024/25 delivery.

The USDA's Weekly Export Sales Report will be published on Thursday morning, with traders expecting soybean sales to range from 1.2 to 2.4 million metric tons for 2024/25 during the week of October 17, with 0 to 100,000 metric tons for the 2025/26 marketing year. Soybean meal sales are expected to total 150,000 to 400,000 metric tons, and soybean oil bookings are forecast between 0 and 50,000 metric tons.

November soybean futures closed at 997.5 cents per bushel, up 5.75 cents, representing a 0.58% increase.

Wheat

The wheat market saw mixed activity across the three major exchanges on Wednesday. Chicago SRW futures were up between 0 to 2.5 cents on the day. KC HRW contracts were steady to down by 1 cent during the session. MPLS spring wheat showed mixed results, with the nearest contracts up 1 cent and deferred contracts gaining up to 3.25 cents.

Following rains in parts of the Southern Plains over the weekend and early in the week, NOAA's 7-day forecast looks drier for the upcoming week, with only light totals expected in the eastern Plains. Weekly Export Sales data will be released on Thursday morning, with traders anticipating sales between 350,000 and 650,000 metric tons for 2024/25 and 0 to 50,000 metric tons for 2025/26.

December wheat futures closed at 578.5 cents per bushel, up 2.5 cents, representing a 0.43% increase.