Corn

USDA reported private sales of 577,928 MT of corn to unknown destinations during the reporting period via their daily reporting system this morning.

This morning’s Crop Production report showed corn yield increased by 0.2 bpa to 183.8 bpa compared to estimates of a slight reduction. That raised production by 17 mbu to 15.203 bbu. The larger output was offset by a 25 mbu increase to exports. When mixed with the 52 mbu lower carryover from 2023/24 stocks, the new crop carry dropped 58 mbu to 1.999 bbu.

On the world balance sheet, the South American numbers were left unchanged, with the world stocks down by 1.83 MMT to 306.52 MMT thanks to the US cut.

Weekly Commitment of Traders data tallied spec traders in corn futures and options cutting another 43,970 contracts from their net short as of October 8. That took their net short to the lowest since August 2023 at 23,729 contracts. Commercials were adding 35,510 contracts to their net short at 192,610 contracts on that Tuesday.

Đậu tương

USDA reported private sales of 577,928 MT of corn to unknown destinations during the reporting period via their daily reporting system this morning.

This morning’s Crop Production report showed corn yield increased by 0.2 bpa to 183.8 bpa compared to estimates of a slight reduction. That raised production by 17 mbu to 15.203 bbu.

The larger output was offset by a 25 mbu increase to exports. When mixed with the 52 mbu lower carryover from 2023/24 stocks, the new crop carry dropped 58 mbu to 1.999 bbu. On the world balance sheet, the South American numbers were left unchanged, with the world stocks down by 1.83 MMT to 306.52 MMT thanks to the US cut.

Weekly Commitment of Traders data tallied spec traders in corn futures and options cutting another 43,970 contracts from their net short as of October 8. That took their net short to the lowest since August 2023 at 23,729 contracts.

Commercials were adding 35,510 contracts to their net short at 192,610 contracts on that Tuesday.

Lúa mỳ

For the US balance sheet in this morning’s WASDE, USDA revised the old crop stocks 6 mbu lower due to the Grains Stocks report last week, while reducing the production total by 11 mbu to 1.971 bbu, via the Small Grains Summary. Mix in a 10 mbu increase to feed and residual and 10 mbu more imports, and stocks were revised lower by 16 mbu to 812 mbu.

For the World numbers, USDA did show a 1 MMT cut to EU and Russian production, with Ukraine down 0.6 MMT. However, a larger carryover, with 2.36 MMT lower use and smaller exports, helped to raise the world carryout for 2024/25 by 0.5 MMT to 257.72 MMT. The French soft winter wheat crop is now 6% planted according to FranceAgriMer. SovEcon trimmed their Russian wheat estimate by another 1.4 MMT from their previous projection to 81.5 MMT.

This afternoon’s Commitment of Traders report showed specs in Chicago wheat futures and options adding back 6,496 contracts to their net short as of 10/8. In KC, they were cutting 9,386 contracts to their net short position, at 5,884 contracts as of Tuesday.

Source: Barchart