Corn

The USDA reported this morning that private exporters sold 124,000 metric tons of corn to Japan, along with another 120,000 tons sold to undisclosed destinations.

Weekly Crop Progress data shows that 81% of the U.S. corn crop was harvested as of October 27, surpassing the five-year average by 17 percentage points.

The USDA Export Inspections report recorded a total of 823,664 tons (32.43 million bushels) of corn exported in the week ending October 24, a 17.73% decrease from the previous week but a 52.31% increase from the same week last year. Mexico was the largest destination with 386,252 tons, followed by Colombia with 235,441 tons. Year-to-date exports reached 6.62 million tons (260.62 million bushels), up 33% from last year. AgRural estimates that 52% of Brazil’s first corn crop was planted as of last Thursday.

December 2024 corn futures closed at 410.75 cents per bushel, down 4.5 cents, or a 1.08% decrease.

Wheat

The Weekly Crop Progress report from NASS shows 80% of the wheat acreage has been planted, 4% below average, and 56% has emerged compared to the 61% average.

Initial quality ratings indicate that 38% of U.S. wheat acreage is rated good/excellent, a 10% decrease from last year.

This rating equates to 313 points on the Brugler500 index, covering all five USDA rankings and marking the second-lowest initial rating on record. Rain is expected to return in parts of the U.S., from the Texas Panhandle to the Great Lakes, with NOAA’s 7-day forecast projecting 1 to 5 inches of rainfall. The weekly Export Inspections report showed wheat exports at 248,534 tons (9.13 million bushels), down 7.4% from last week but up 25.3% from last year.

Total marketing year exports have reached 9.509 million tons (349.4 million bushels), up 33.5% from last year. December wheat futures closed at 558.75 cents per bushel, down 10.25 cents, a 1.8% decrease.

Soybeans

Crop Progress data shows that 89% of the U.S. soybean harvest was complete as of Sunday, 11% ahead of the five-year average of 78%.

The FGIS weekly Export Inspections report showed 2.393 million tons (87.95 million bushels) of soybeans exported in the week ending October 24, a 6.1% decrease from the previous week but a 16.7% increase from last year. China was the largest destination with 1.494 million tons, followed by Mexico with 202,799 tons and Taiwan with 167,366 tons.

Year-to-date marketing year exports have reached 10.406 million tons (382.33 million bushels), up 2.2% from last year and the highest level in four years. Brazil’s soybean planting is progressing, reaching 36% compared to last year’s 40%, according to AgRural.

November soybean futures closed at 974 cents per bushel, down 13.75 cents, or a 1.39% decrease.