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Wheat creeped back above the $6 mark today, while soybeans and corn faced more pressure as rapid U.S. harvest bringing large supplies to market. Further downward pressure comes from the actual arrival of the long-anticipated rains to dry areas of Center-West Brazil. Wheat's strength continues to come from overseas as Russian crops are experiencing late frosts and now dryness. Russian officials are also meeting to discuss curbing Russian exports to protect domestic supplies, while additional support comes from the fact that Russia has stepped up attacks on Ukraine’s export infrastructure, including a few ships being directly hit over the past week.
USDA Report is out tomorrow at noon, estimates are below.
Thursday's USDA Export Sales Report showed 48.1 mil bu of corn, 46.5 mil bu soybeans, and 15.9 mil bu wheat sold during the week ending October 3 for 2024/25. Marketing year to date sales for corn total 695 mil bu (30% of the 2024/25 USDA corn export estimate). To be on pace to meet the USDA estimate based on seasonal averages, cumulative exports should total 732 mil bu at this point. Of the 695 mil bu sold, 176 mil bu is shipped. 740 mil bu of US soybeans are sold for export during the 2024/25 marketing year-40% of the USDA estimate for the entire marketing year. Typically, the U.S. has sold 47% of the USDA estimate by this point.
Funds were thought to be sellers for corn and beans and a buyer for wheat.
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