Market News

Mixed end to the week for soybeans, corn

Soybeans were mostly modestly lower, pulling the most active months to slight weekly losses. Beans were up early but peeled back in cautious trade with bean oil moving down from its highs. With the U.S. harvest essentially over, all eyes are on planting and development conditions in Argentina and Brazil. The USDA’s updated supply, demand, and production numbers are out November 8^th, with CONAB’s monthly projections for Brazil scheduled for the 14^th. China and unknown destinations purchased 2024/25 U.S. soybeans Friday morning, 132,000 and 198,000 tons, respectively, while India bought 30,000 tons of U.S. soybean oil. Soybean oil was up, but below the day’s highs, on that sale and generally strong global vegetable oil demand. The USDA says 187 million bushels of soybeans were crushed in September, an increase of 9 million on the month and 12 million on the year, while crude and once refined soybean oil stocks fell below pre-report expectations.

Corn was mostly modestly higher, while still posting a weak week-to-week finish for the most active months. Mexico picked up 781,322 tons of of U.S. corn ahead of the open, with 715,800 tons for delivery this marketing year and the remaining 65,532 for next marketing year. The USDA reports 440.161 million bushels of corn were used for ethanol production in September 2024, down 10% from August, but up 3% from September 2023, while production of distillers dried grains with solubles totaled 1,795,303 tons, a decline of 10% from the previous month, but a rise of 4% from a year ago. While late U.S. harvest delays are probable in some areas, the precipitation is welcome. The USDA’s weekly crop progress and condition numbers are out Monday afternoon, with parts of the Midwest and Plains likely officially wrapped up for the year. Ukraine’s Ag Ministry says that nation shipped 1.92 million tons of corn in October.

The wheat complex was lower on profit taking and technical selling, along with mostly higher trade in the dollar during the session, ensuring a lower weekly finish for the U.S. December contracts. The recent rain and snow have helped alleviate drought conditions in some areas, but more will be needed ahead of emerging from dormancy next spring. Export demand has been decent nearly halfway through the marketing year, even with Russia’s ongoing dominance on the global market. The trade’s monitoring winter wheat planting weather in Europe, Russia, and Ukraine, in addition to early harvest activity in Argentina and Australia. The USDA says 232.391 million bushels of wheat were used for domestic flour production during the third quarter of 2024, up 3% from Q2 and 1% from Q3 2023.