Corn

Corn export sales for the week ending October 3 totaled 1.22 million metric tons (MMT) for the 2024/25 crop year. This figure falls within market estimates, though it is lower than the previous week but still much higher than the same week last year. Unknown destinations purchased 371,200 tons, with 329,700 tons sold to Mexico and 248,900 tons to Colombia.

A Bloomberg survey of traders shows U.S. ending stocks estimated at 1.988 billion bushels, down 69 million bushels (mbu) from last month, mainly due to a smaller 2023/24 carryover. Global carryover is also expected to decrease by 1.1 MMT, reaching 307.3 MMT on Friday.

The December 2024 corn contract closed at 418.15 cents per bushel on October 10, down 2.85 cents, corresponding to a 0.68% decrease compared to the previous session.

Soybeans

Export Sales data was released this morning, showing total soybean export sales for the 2024/25 crop year reached 1.264 million metric tons (MMT) for the week ending October 3, the lowest in the first four weeks of the marketing year. This figure represents a 12.4% drop from the previous week but remains 30.1% higher than the same week last year. China was the largest buyer with 583,400 tons, followed by the Netherlands with 207,300 tons and Mexico with 134,900 tons.

Soybean meal export sales for the week ending October 3 totaled only 165,717 tons, falling on the lower end of estimates ranging from 100,000 to 400,000 tons. Soybean oil sales were on the lower half of the 0 to 20,000 tons estimate, with only 3,821 tons sold.

Ahead of the monthly WASDE report, a Bloomberg survey of analysts estimated U.S. ending soybean stocks to be 546 million bushels (mbu), down 4 million bushels from last month due to lower projected production. Global ending stocks are projected to be 134.6 million metric tons (MMT), unchanged from last month, as South American production is expected to see very few changes.

On October 10, the November 2024 soybean contract dropped 5.50 cents, settling at 1,014.75 cents per bushel, a 0.54% decrease from the previous trading session.

Wheat

The Export Sales report this morning showed a total of 433,560 metric tons of wheat sold during the week ending October 3, falling in the upper half of the estimate range from 250,000 to 550,000 tons. This was slightly down from the previous week and much lower than the same week last year. Mexico was the top buyer with 101,400 tons, followed by the Philippines purchasing 60,000 tons.

The USDA will release the monthly WASDE report on Friday, with U.S. wheat ending stocks projected to reach 820 million bushels, according to a Bloomberg survey of analysts. The estimate range is between 788 and 846 million bushels. Global wheat ending stocks are expected to decrease by 1.3 million metric tons, bringing the total to 255.9 MMT.

Japan purchased 115,050 metric tons of wheat on Thursday from the U.S., Canada, and Australia, including 56,690 tons from the U.S. A Russian deputy prime minister stated that Russia's wheat production is estimated at 83 million metric tons, down 1 million tons from the previous estimate.The December 2024 wheat contract increased by 0.79%, reaching 603.75 cents per bushel on October 10, up 4.75 cents compared to the previous session.

Source: Barchart