Tuesday October 29, 2024

• Corn and wheat trading in the green, beans trading slightly in the red.
• Flash Sales:
  • 124,000 tonnes of corn sold to Japan for 24/25 delivery
  • 120,000 tonnes of corn sold to unknown destinations for 24/25 delivery 
• Harvest Update:
  • The US corn crop was 81% harvest as of Sunday, compared to 65% the week previous and 64% on average, this harvest is the fastest since 2012. 
  • US soybeans were 89% harvested as of Sunday, compared to 81% the prior week and 78% on average. 
  • US winter wheat conditions are the 2nd worst on record. In its first national crop rating, the USDA rated the crop at 38% good/excellent, compared to the average of 43%. The crop was 80% planted through Sunday, 84% percent on average 
  • Brazilian soybean planting is 36% complete reported by private group AgRural, vs 40% planted this time period last year. Last week, nearly 20 million acres were planted, an 18% weekly gain. 52% of Brazil’s first corn crop has been planted. 
• Chinese Minister of Ag announced that China has the potential to have a record grain output, anticipating to exceed over 700mt, a 0.7%y/y increase. China continues to rely on bean imports to meet 80% if their needs and sees a large deficit in domestic corn production vs. usage. 
• Export inspections: Corn, beans, and wheat all fell mid-trade range this week. Mexico was the largest corn buyer of the week, with corn exports running 61mbu ahead of the needed pace. Soybeans saw 88mbu shipped on the week, keeping us running 22mbu ahead of the need pace. Wheat exports saw their smallest week since May 2023, with just 9.13mbu shipped last week, wheat is still ahead of the needed pace by 21mbu.