Corn

December 2024 corn futures on the CBOT fell by 1 to 6 ¼ cents during Friday’s trading session, ending the week with a slight decline. The main reason was profit-taking by investors ahead of the weekend. However, the December contract still recorded a total weekly gain of 17 ¾ cents. The average spot corn price in October was $10.09, which was $1.46 lower than the base insurance price in February.

The December 2024 contract closed at 414.5 cents/bushel, up 3.75 cents, equivalent to a 0.91% decrease.

Wheat

The wheat market ended the week with a decline of 5 ½ to 12 ½ cents across futures contracts. The December contract dropped 12 ½ cents, closing at 563-4 cents/bushel. The main reason was the abundant global wheat supply, especially from Russia and the EU, putting downward pressure on prices. Additionally, the extension of the Black Sea grain export agreement further increased market supply.

The December wheat contract closed at 568 cents/bushel, down 2.5 cents, or a 0.44% decrease.

Soybeans

November 2024 soybean futures fell by 3 to 8 ½ cents during Friday’s trading session but still posted a weekly gain of 17 ¾ cents. The average spot soybean price in October was $10.09, $1.46 lower than the base insurance price in February. According to a USDA report, 2.15 million tons of soybeans were booked in the week ending October 17, bringing the total for the marketing year to 23.993 million tons, achieving 48% of the USDA's export forecast.

The January 2025 soybean contract closed at 993.75 cents/bushel, down 0.75 cents, or a 0.08% decrease.

Overview:

The global agricultural market is under pressure from abundant supply, particularly from Russia and the EU, along with the extension of the Black Sea grain export agreement. However, demand from major importing countries such as China remains steady, supporting soybean prices over the past week.

Source: Compilation