Corn

Trade data from the Census Bureau shows that a total of 5.156 million metric tons (203 million bushels) of corn were exported in August. This represents a 1.97% decrease compared to the previous month but nearly double the total for 2023 and the highest level in seven weeks. Total exports for the fiscal year reached 2.289 billion bushels. Ethanol exports in August set a monthly record of over 141 million gallons.

The Crop Progress report on Monday afternoon indicated that the U.S. corn harvest is progressing 3 percentage points faster than average, reaching 30%.

Corn prices dropped, with December 2024 corn contracts settling at 420.75 cents per bushel on October 8, down 1.23% from the previous session.

Soybean

The U.S. Department of Agriculture (USDA) reported another private export sale of 166,000 metric tons of 2024/25 soybeans to China.

Soybean exports in August totaled 1.714 million metric tons (63 million bushels), slightly higher than last year and up 14.7% from July. Total fiscal year exports amounted to 1.695 billion bushels. Soybean meal exports reached 909,156 metric tons, down 15% from the previous year, while soybean oil exports totaled only 29,032 metric tons.

The weekly Crop Progress data showed that 47% of the U.S. soybean crop has been harvested, significantly outpacing the 34% average.

Soybean prices fell, with November 2024 contracts settling at 1,034 cents per bushel on October 8, down 3.75% from the previous session.

Wheat

According to the Census Bureau, wheat exports in August totaled 2.438 million metric tons (89.58 million bushels), up 67.65% compared to the same period last year and 24.46% higher than in July. This brought total exports for the first quarter to 215 million bushels, the highest level in three years.

The Crop Progress report indicated that 51% of the U.S. winter wheat acreage has been planted, 1% behind the average pace. Emergence was reported at 25%, matching the normal rate.

Wheat prices increased, with December 2024 wheat contracts settling at 592.5 cents per bushel on October 8, up 0.47% from the previous session.

Source: Barchart