Corn

Dry weather across much of the U.S. in the coming week, with drier and warmer conditions in the 8-14 day range, will allow farmers to harvest at a rapid pace.

The Weekly Export Sales report showed a total of 1.684 million metric tons (MMT) of corn booked in the week ending on September 26. This exceeded the market’s highest estimate and marked the largest sales in four weeks of the marketing year so far. The largest buyer was Mexico with 540,000 tons, followed by Colombia with 339,000 tons, and Japan purchasing 244,000 tons.

The December Corn Futures contract settled at 428 cents per bushel on October 4, down 1% from the previous session.

Soybeans

The Weekly Export Sales report recorded a total of 1.44 MMT of soybeans sold in the week ending September 26. This was the lowest in three weeks but still 78.5% higher than the same week last year. The figure was at the upper end of market estimates of 1-1.6 MMT for the 2024/25 marketing year. China was the largest buyer with 725,000 tons, followed by Bangladesh with 166,000 tons.

Soybean meal sales saw a net reduction of 40,000 tons for the 2023/24 marketing year, with 228,000 tons sold for the 2024/25 marketing year.

Soybean oil sales totaled 477 tons for 2023/24, with over 30,000 tons sold for 2024/25.

The October 4 settlement price was 1,000 cents per bushel, down 1% from the previous session.

Wheat

The Weekly Export Sales report recorded a total of 443,000 tons of wheat sold for export shipments in the 2024/25 marketing year, exceeding the market’s top estimate of 400,000 tons for the week ending September 26.

This was a three-week high and 62.44% above the same week last year. Japan was the largest buyer with 170,000 tons, followed by Thailand with 63,000 tons.

Japan purchased a total of 137,000 tons of wheat from the usual suppliers—Australia, Canada, and the U.S.—overnight, with over 85,000 tons specifically from the U.S. Saudi Arabia is tendering to buy 295,000 tons of wheat for December and January delivery.

The December 2024 Wheat Futures contract settled at 603 cents per bushel on October 4, down 2% from the previous session.

Source: Complicated data