Corn

Data from the Commitment of Traders shows that hedge funds in corn futures and options contracts reduced their net short position to 63,000 contracts as of October 1. They brought their net short position down to the lowest level since August 2023, at 68,000 contracts. Commercial traders added 49,000 contracts to their net short position, bringing the total to 157,000 contracts.

The U.S. Department of Agriculture (USDA) reported a total of 198,000 tons of corn sold to unknown destinations for the 2024/25 marketing year through a sales notification.

The Weekly Export Sales report shows total current export commitments at 16.428 million tons, up 14% year-on-year and the highest in 3 years. This figure accounts for 28% of USDA's export forecast for the 2024/25 marketing year, compared to an average sales pace of 33%.

Corn exports from Brazil totaled 6.421 million tons in September, according to data from the country's Ministry of Commerce. This figure represents a 5.92% increase from the previous month but a 26.58% decrease from September 2023.

The December Corn futures contract settlement price on October 4 was 424 cents/bushel, down 1% from the previous trading session.

Soybeans

The Commodity Futures Trading Commission (CFTC) reports that hedge funds in soybean futures and options contracts reduced 40,000 contracts from their net short position as of Tuesday. By October 1, their net short position was down to just 34,000 contracts. Commercial traders added 23,000 contracts to their new net short position, bringing the total to 30,000 contracts.

The USDA reported a private export sale of 116,000 tons of soybeans to China through the daily reporting system.

The Export Sales report shows that export commitments reached 18.942 million tons, up 3% from last year. This figure also accounts for 38% of USDA's export forecast, compared to the average of 47% at this point in the year.

Brazil's soybean exports in September totaled 6.11 million tons, according to government data. This figure is down 4.51% compared to the same month in 2023 and down 24.02% from August.

The October 4 settlement price for soybeans was 1,037 cents/bushel, down 1% from the previous trading session.

Wheat

Hedge fund managers in Chicago wheat futures contracts reduced their net short position by 3,000 contracts as of October 1, down to 2,000 contracts, marking the smallest net short position in nearly 2 years. In Kansas City wheat contracts, they reduced their net short position by nearly 5,000 contracts, bringing it to 15,000 contracts.

The Weekly Export Sales report shows that total commitments for wheat and wheat products are up 23% year-on-year and reached a 3-year high at 11.713 million tons. This figure represents 52% of USDA's full-year export forecast, higher than last year's pace, with the 5-year average sales pace at 56%.

FranceAgriMer estimated that as of September 30, 1% of France’s soft wheat acreage had been planted.

The settlement price for the December 2024 Wheat futures contract on October 4 was 589.75 cents/bushel, down 2% compared to the previous trading session.

Source: Complicated data.