Corn

The Crop Progress report showed that 87% of the U.S. corn crop had matured by October 6, with harvest running 3 percentage points ahead of the average pace, reaching 30%. Crop condition remained at 64% good/excellent, though 1% dropped from fair to very poor, reducing the Brugler500 index by 2 points, to 361.

USDA reported a private export sale of 155,000 tons of corn to Mexico for the 2024/25 marketing year through their daily reporting system.

The weekly Export Inspections report showed 933,000 tons (36.74 million bushels) of corn shipped in the week ending October 3. This represents a 16.02% increase compared to the same week last year, though it was down 18.81% from the prior week. The largest shipment went to Mexico, totaling 423,000 tons, while 220,000 tons were sent to Japan. Accumulated exports have reached 4.274 million tons (168.2 million bushels) for this marketing year.

AgRural estimates that 37% of corn has been planted in Brazil’s Center-South region.

The settlement price for December 2024 Corn Futures on October 7 was 426 cents per bushel, unchanged from the previous trading session.

Soybeans

The Weekly Crop Progress data showed 90% of the U.S. soybean crop had dropped leaves, 5% ahead of the average pace. Harvest progressed to 47% of the U.S. crop, well above the 34% average. Conditions declined by 1%, leaving 63% of the crop rated good/excellent in the final update of the year. The Brugler500 index stood at 361, down 1 point for the week, but still ending at a 4-year high for final ratings.

A private export sale of 172,000 tons of soybeans to unknown destinations was reported by the USDA through their daily reporting system.

Export Inspections data showed a marketing year high of 1.43 million tons (52.59 million bushels) of soybean shipments during the week ending October 3. This was 1.9% higher than the same week last year and more than double the previous week’s volume. The largest destination was China with 705,000 tons, followed by Vietnam with 153,000 tons, and Mexico with 147,000 tons. Year-to-date inspections total 3.36 million tons (123.5 million bushels), slightly below the same period last year.

As of Thursday, Brazil had planted 4.5% of its soybean crop, slower than the 10% pace of last year.

The settlement price for Soybean Futures on October 7 was 1,034 cents per bushel, unchanged from the previous trading session.

Wheat

The Crop Progress report indicated that 51% of the U.S. winter wheat crop had been planted, 1% behind the average pace. Emergence reached 25%, in line with the normal rate.

Export inspection data for wheat totaled 363,000 tons (13.35 million bushels) for the week ending October 3. This was 18.75% higher than the same week last year, but down 34.03% from the prior week. The largest shipment went to South Korea with 85,000 tons, followed by Japan with over 78,000 tons. Cumulative exports have totaled 8.61 million tons (316.44 million bushels), which is 34.6% above the same period last year.

The settlement price for December 2024 Wheat Futures on October 7 was 592.5 cents per bushel, unchanged from the prior week’s trading session.

Source: Compiled data