The corn market is holding its gains from overnight, while maintaining support near yesterday’s lows and the 401 level in the December contract with help from higher wheat and fresh sales to Mexico.
The USDA reported private export sales of corn totaling 1,623,060 metric tons for delivery to Mexico. Of that total, 1,043,940 mt is for the 24/25 marketing year, while 579,120 mt is set to be delivered for the 25/26 season. Additionally, 332,000 mt of corn was sold to unknown destinations for delivery in the current 24/25 marketing year.
The USDA issued its weekly Crop Progress report yesterday afternoon due to the Columbus Day holiday on Monday. The report showed corn harvest progressing a whopping 17% to 47% complete as of Sunday, October 13, which compares to 42% complete last year and 39% on average.
November soybeans are trading near the lower end of their 14 ¼ cent range, having lost earlier gains due to weakness in the soybean oil market, which is also near the bottom of its daily range. Meanwhile, meal continues to hold its ground, trading higher at midday.
The USDA reported a flash sale of soybeans to unknown destinations totaling 175,000 metric tons. This comes on top of the 131,000 mt sold to China for 24/25 reported yesterday.
The USDA’s weekly Crop Progress report, issued yesterday afternoon, indicated that the soybean harvest advanced a massive 20% to 67% complete as of Sunday. This year’s soybean harvest is now 10% ahead of last year, and 16% ahead of the 5-year average.
Yesterday’s NOPA crush report showed a record number of soybeans were crushed for the month of September, totaling 177.32 million bushels, well ahead of expectations. Despite the record crush total, soybean oil stocks saw a sixth month of decline, coming in at just 1.066 billion pounds, the smallest month-end supply since 2014.
Rain continues to move across the parched areas of Brazil, improving planting conditions there, while conditions look to remain favorable for harvest across much of the nation’s mid-section for the next 5-7 days.
The wheat complex is trading higher across all three futures classes, rebounding from support near yesterday’s lows. The markets may also be finding support near key moving averages, such as the 200-day moving average in December Chicago and the 50-day moving average in both December KC and Minneapolis.
The USDA reported in its weekly Crop Progress report, issued yesterday afternoon, that winter wheat planting is now 64% complete as of Sunday, just behind the 5-year average of 66% complete, and last year’s 65%.
Russia’s union of grain exporters instituted its first public wheat-export price indicator, derived from survey data. The indicator currently shows October prices at $240 per metric ton, with November and December prices indicated at $245 and $250/mt respectively.
While much of the nation’s mid-section is dry and wide open for harvest, much needed rain is expected to move into the southern Plains later this week, which will help with planting and emergence of the winter wheat crop.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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