Corn

According to the NASS report, the crop condition rating decreased by 1%, down to 64% rated good/excellent, with the Brugler500 index remaining unchanged at 364 due to a 1% improvement from good to excellent.

Export data showed that over 836,000 tons of corn were shipped during the week ending September 5, with nearly 468,000 tons from the new marketing year and 368,000 tons shipped in the last few days of August. This figure is 31.4% higher than the same week in 2023 but down 13.45% from the previous week. Mexico was the largest destination, followed by Spain. The total export inspections for the 2023/24 marketing year reached 52.4 million tons.

Corn prices increased. The settlement price for the December Corn contract on September 9 was 407.25 cents/bushel, up 0.25% compared to the previous week's session.

Soybeans

NASS Crop Progress data showed that 97% of the U.S. soybean crop was setting pods, with 25% of the plants shedding leaves, up 4 percentage points from the 5-year average. The crop condition rating remained largely unchanged, with 65% rated good/excellent, and the Brugler500 index at 365.

Export data showed that nearly 345,000 tons of soybeans were shipped during the week ending September 5. This figure was much lower than the previous week and down 5.22% from the same week last year. Indonesia was the largest destination with 67.6 thousand tons, followed by China with 58 thousand tons. The USDA also reported a private export sale of 132,000 tons of soybeans to China this morning.

The November Soybean contract price recovered. The settlement price on September 9 was 1,018 cents/bushel, up nearly 1.3% from the previous week's session.

Wheat

NASS reported that the spring wheat harvest was 85% complete, higher than the 83% average. The winter wheat crop was 6% planted, matching the 5-year average.

The USDA Export Report showed that wheat stocks dropped to 586.6 thousand tons from the previous week. This figure was down 2.65% from the previous week but 44.15% higher than the same week in 2023. Mexico was the largest destination with 147 thousand tons, followed by Taiwan with nearly 91 thousand tons. Year-to-date shipments since the start of the marketing year are 33.55% higher than last year, reaching 6.35 million tons.

The December Wheat contract price increased slightly. The settlement price on September 9 was 568.5 cents/bushel, up 0.26% from the previous week's session.

Source: Compiled