Corn

The USDA's Weekly Export Inspection report showed 1.05 million tons (41.3 million bushels) of corn exported during the week ending December 5. This represents a 10.63% increase from last year and a 44.72% rise from the same week in 2024. Mexico was the top destination with 345,445 tons, followed by Japan with 268,790 tons and South Korea with 130,676 tons. Total exports since September 1 have reached 12.133 million tons (477.65 million bushels), up 31.97% year-over-year, marking the highest level in six years.

The USDA will release its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday. According to a Reuters survey, analysts expect U.S. ending stocks to decrease by 32 million bushels to 1.906 billion bushels, with a forecast range of 1.863 to 1.938 billion bushels. Globally, stocks are expected to decline by 0.57 million tons to 304.14 million tons.

The January 2025 contract closed at 441.75 cents per bushel, up 1.75 cents, or 0.4%.

Wheat

The Federal Grain Inspection Service's (FGIS) Weekly Export Inspection report showed 226,513 tons (8.32 million bushels) of wheat exported during the week ending December 5, a 24.13% decrease from the previous week and 22.89% lower than the same week last year. Indonesia imported 67,510 tons, while Mexico took 44,207 tons. Total exports since June 1 have reached 11.217 million tons (412.15 million bushels), up 29.98% year-over-year.

Kansas state crop progress data showed winter wheat rated at 55% good/excellent (gd/ex), down 1% from the previous week, while the Brugler500 index improved by 2 points to 350.

Ahead of the monthly WASDE report, the market expects U.S. wheat stocks to remain unchanged at 815 million bushels, while global stocks are anticipated to edge up slightly to 257.68 million tons.

The January 2025 contract closed at 558.75 cents per bushel, up 1.5 cents, or 0.27%.

Soybeans

The USDA's Weekly Export Inspection report showed 1.622 million tons (59.6 million bushels) of soybeans exported during the week ending December 5, a 62.3% increase from the same week last year but a 23.1% decline from the previous week. Over half (847,025 tons) were shipped to China, with 125,277 tons sent to Turkey and 142,036 tons to Italy. Total exports since the start of the marketing year have reached 23.438 million tons (861.2 million bushels), up 18.6% year-over-year.

Ahead of the USDA's monthly WASDE report, little change is expected in the U.S. soybean balance sheet, with the average estimate from a Reuters survey predicting ending stocks at 469 million bushels, down slightly by 1 million bushels from November. Globally, ending stocks are forecast to increase by 0.71 million tons to 132.45 million tons.

The January 2025 soybean contract closed at 990 cents per bushel, down 3.75 cents, or 0.38%.

Source: SFVN.