Corn

The U.S. Department of Agriculture (USDA) reported a private export order of 126,000 tons of corn for the 2024/25 crop year to unknown destinations this morning. Ahead of the Export Sales report, which will be released on Thursday morning, traders surveyed by Reuters expect corn orders for the 2024/25 crop year in the week ending October 3 to range between 0.9 and 1.7 million tons.

Weekly data from the U.S. Energy Information Administration (EIA) shows production increased by 23,000 barrels/day in the week ending October 4, reaching 1.038 million barrels/day. Despite the production increase, stock levels dropped by 1.305 million barrels to 22.154 million barrels, marking the largest weekly decline since January.

Refiners' ethanol input rose by 4,000 barrels/day to 912,000 barrels/day, while estimated gasoline consumption hit its highest level since December 2021 at 9.65 million barrels/day.

A Bloomberg survey of traders shows that corn yield is expected to reach 183.5 bushels per acre ahead of the Crop Production report on Friday, slightly lower than the 183.6 bushels per acre reported in September. This would estimate production at 15.73 billion bushels, down by 13 million bushels compared to last month.

The December 2024 corn contract settled at 421 cents per bushel on October 9, up 0.06% from the previous session.

Soybeans

Export sales data will be released on Thursday morning, with expectations for 2024/25 soybean export sales to range from 0.8 to 1.7 million tons. For soybean meal, traders estimate exports in the week ending October 3 to be between 100,000 and 400,000 tons, while soybean oil sales are expected to range from 0 to 20,000 tons.

A Bloomberg survey of analysts estimates soybean yields at 53.2 bushels per acre, unchanged from the reports in September and August. Production is expected to reach 4.582 billion bushels.

Soybean prices increased, with the November 2024 soybean contract settling at 1,020.25 cents per bushel on October 9, up 0.39% from the previous session.

Wheat

The Export Sales report on Thursday is expected to show total wheat sales ranging from 250,000 to 550,000 tons for the week ending October 3.

The USDA will release its monthly WASDE report on Friday, with expectations for U.S. wheat ending stocks to reach 820 million bushels, according to a Bloomberg survey of analysts. The forecast range is between 788 and 846 million bushels.

Algeria purchased between 510,000 and 570,000 tons of wheat in a recent tender on Wednesday, with the majority expected to come from Russia.

Wheat prices continued to rise, with the December 2024 wheat contract settling at 599 cents per bushel on October 9, up 0.71% from the previous session.

Source: Barchart