Corn

The USDA reported private export sales of 197,180 tons of corn for the 2024/25 marketing year to Mexico, along with an additional 101,000 tons sold to unknown destinations. Ahead of the Export Sales report on Friday morning, traders expect to see sales of between 1.2 and 2.2 million tons for the 2024/25 marketing year during the week ending October 10, with an additional 0-50,000 tons for the 2025/26 marketing year.

Weekly EIA data released this morning showed ethanol production totaled 1.042 million barrels per day in the week ending October 11, an increase of 4,000 barrels per day compared to the previous week. Ethanol stockpiles increased by 121,000 barrels to 22.275 million barrels that week. Refined ethanol remained at 912,000 barrels per day, unchanged from the previous week, while exports dropped by 1,000 barrels per day to 140,000 barrels per day.

Algeria is bidding to purchase 240,000 tons of corn sourced from Argentina or Brazil, with an additional 65,000 tons tendered by a buyer from Taiwan. Two separate orders totaling 65,000 tons, adding up to 130,000 tons, were bought by South Korean importers last night. The International Grains Council raised its forecast for 2024/25 corn stockpiles by 3 million tons, reaching 279 million tons.

December 2024 corn contracts settled at 406.75 cents per bushel, up 2 cents, equivalent to a 0.49% increase.

Wheat

Export Sales data will be released late Friday morning due to Monday's holiday. Traders predict sales of 250,000 to 550,000 tons of wheat for the 2024/25 marketing year during the week ending October 10, with an additional 0-50,000 tons for the 2025/26 marketing year.

Taiwan purchased a total of 78,200 tons of wheat sourced from the U.S. in a tender on Thursday. The International Grains Council reported that global wheat production remained unchanged at 798 million tons, while consumption increased by 1 million tons and stockpiles fell by 1 million tons to 266 million tons.

December wheat contracts closed at 589.5 cents per bushel, up 4.5 cents, equivalent to a 0.77% increase.

Soybeans

Export Sales data is expected to show soybean sales ranging from 1 to 2.2 million tons for the week ending October 10 for the 2024/25 marketing year, with an additional 0-50,000 tons for the 2025/26 marketing year. Soybean meal sales are forecasted between 150,000 and 350,000 tons, while soybean oil sales are expected to range from 0 to 20,000 tons.

The International Grains Council increased its forecast for global soybean production by 2 million tons, reaching 421 million tons, and raised the 2024/25 year-end stockpile forecast by 4 million tons to 86 million tons.

November soybean contracts closed at 988.75 cents per bushel, up 8.75 cents, equivalent to a 0.89% increase.

Coffee

Global coffee prices experienced sharp declines on both the London and New York exchanges, with Robusta suffering its third consecutive drop.

In the domestic market, coffee prices today (October 18) range from 111,700 to 112,300 VND/kg.

The USD hit its highest level in more than two months, despite earlier predictions that a Federal Reserve interest rate cut would weaken the currency. However, geopolitical tensions in the Middle East have driven investors to seek safety in the USD and gold.

Along with the rise of the USD, Brazil's domestic currency has also weakened. Additionally, favorable weather conditions, with rain in Brazil's coffee-growing areas, have eased pressure on the market. At the same time, the new harvest in Vietnam is putting downward pressure on prices as a large volume of coffee is prepared for export.

Source: Summary.