CORN
- The average pre-report U.S. corn production estimate comes in at 15.100 bb, versus 15.134 bb in September. Additionally, yield is expected at 173.5 bpa versus 173.8 bpa last month.
- The U.S. 23/24 corn ending stocks pre-report estimate is projected at 2.145 bb vs 2.221 bb in September, and globally the estimate comes in at 313 mmt vs 314 mmt previously.
- CONAB reduced their estimate of Brazilian corn production in 23/24 to 119.4 mmt due to a decrease in acreage. This is still the second largest on record but down 12 mmt from last year.
- Heavy rains expected in the Plains on Friday are moving west to east and will cause some harvest delays this weekend.
SOYBEANS
- The average pre-report U.S. soybean production estimate comes in at 4.132 bb, versus 4.146 bb in September. Additionally, yield is expected at 49.9 bpa versus 50.1 bpa last month.
- The U.S. 23/24 soybean ending stocks pre-report estimate is projected at 236 mb versus 220 mb in September, and globally the estimate comes in at 119.6 mmt versus 119.3 mmt previously.
- November soybeans on China’s Dalian Exchange hit a two-month low after being down another 2.6% on Tuesday.
- Private exporters reported sales of 121,000 mt of soybeans for delivery to China during the 23/24 marketing year.
- CONAB estimated Brazil’s soybean crop at 162 mmt, which is a new record and 5% above last year.
WHEAT
- The U.S. 23/24 wheat ending stocks pre-report estimate is projected at 646 mb versus 615 mb in September, and globally the estimate comes in at 258.8 mmt versus 258.6 mmt previously.
- Despite the potential production issues in Australia, their wheat futures are actually trading lower as their yields are coming in better than expected.
- Lower global prices, especially out of Russia, are keeping the wheat market under pressure. There is talk that Russia sold 480,000 mt of wheat to Egypt this week at $265 per mt FOB. Additionally, EU wheat is said to be offered around $250 per mt in response.
- Winter wheat planting is reported to be 57% complete and 29% of the crop has emerged.
Author
Brandon Doherty