On Monday, agricultural futures on the Chicago Board of Trade (CBOT) closed with mixed results. Corn and wheat prices fell, while soybean prices rose. The active corn contract for December delivery dropped 3.25 cents, or 0.66 percent, settling at $4.90 per bushel. December wheat decreased by 2.5 cents, or 0.43 percent, settling at $5.7725 per bushel. Meanwhile, November soybean saw a 6 cent increase, or 0.47 percent, settling at $12.8625 per bushel.
The decline in corn prices was attributed to the acceleration of the U.S. corn harvest. The soybean market will closely monitor weather conditions in South America, particularly regarding soybean seeding and replanting in Northern Brazil over the coming weeks.
U.S. farmers are being cautious with their newly harvested supply due to export demand. AgResource, a Chicago-based research company, anticipates that CBOT values typically rally until mid-November.
In recent news, the U.S. Department of Agriculture (USDA) revealed the sale of 200,000 metric tons of U.S. corn to Mexico, as well as 183,000 metric tons of soymeal to the Philippines. There are also reports of China booking 3-5 cargoes of U.S. soybeans off the Pacific Northwest for November.
According to USDA data, the United States exported 17.1 million bushels of corn, 73.9 million bushels of soybeans, and 13 million bushels of wheat for the week ending October 12. As for the respective crop years, U.S. wheat exports currently stand at 233.6 million bushels, a 30 percent decrease from the previous year. Corn exports have increased by 19 percent to 154 million bushels, while soybean exports have risen by 14 percent to 198.6 million bushels.
The National Oilseed Processors Association (NOPA) reported that a record-breaking 165.5 million bushels of U.S. soybeans were processed in September. This represents a 4.1 million bushel increase from August and a 7.4 million bushel increase from the previous year. Additionally, NOPA member soyoil stocks have fallen to the lowest level in nine years, reaching 1.108 million pounds. This reflects a 12 percent decrease from August and a 24 percent decrease from last year.
In terms of weather conditions, Southern Brazil will continue to experience heavy rain, while Northern Brazil faces record or near-record heat this week. The heat and dryness have interrupted new spring planting in Northern Brazil.
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