On Tuesday, September 17, 2024, December wheat contracts closed mixed. By the end of the trading day, December soft winter wheat quotes on the Chicago Mercantile Exchange CBOT fell to $211.55 per ton, December hard winter wheat futures in Kansas City fell to $213.11 per ton, and December hard spring wheat futures in Minneapolis MGEХ rose to $228.17 per ton.
Wheat futures ended the session mixed on Tuesday on all three exchanges. December futures in Chicago fell by 2 ¾ cents at the close. December futures in Kansas City fell by ½ cent. Spring wheat futures in Minneapolis rose 1 ¼ cents.
A crop progress report Monday afternoon showed 14% of the U.S. winter wheat crop had been planted as of Sunday, a pace 1% above normal. Spring wheat was 92% complete, above the average pace of 90%.
Japan is seeking 123,012 tonnes of wheat from three countries: the U.S., Australia and Canada. The tender is set to take place Thursday, with 66,397 tonnes requested from the U.S.
France’s agriculture ministry cut its soft wheat production estimate by 0.54 million tonnes to 25.78 million tonnes on Tuesday. SovEcon raised its estimate for Russian wheat production by 0.4 million tonnes to 82.9 million tonnes on Tuesday.
December corn settled Tuesday at $4.12-1/2, up 1 ¾ cents. Corn futures rose after a day of thin trading as the U.S. prepares for what is expected to be a record harvest and farmers took advantage of relatively high prices to sell old-crop corn.
The U.S. Department of Agriculture on Monday rated 65% of the U.S. corn crop as “good to excellent,” above analysts’ estimates, and 64% of the soybean crop as “good to excellent,” in line with expectations.
The U.S. corn harvest was 9% complete and the soybean harvest was 6% complete by Sunday, the USDA said, both 3 percentage points above the five-year average.
The condition ratings are the highest for this time of year since 2018, underscoring expectations for larger harvests.
Brazil’s government forecasts a 12.8 percent higher soybean crop than last year, although drought could threaten soybean planting. Brazil’s 2024/25 corn crop is estimated at 119.8 million tons, according to CONAB’s initial estimate. That estimate is below the USDA’s forecast of 127 million tons.
November soybean futures settled at $10.06, up 1 ½ cents. Soybean futures rose as traders monitored heat and drought in Brazil, which could threaten soybean crops in the world’s largest soybean exporter.
CONAB forecasts Brazil’s soybean crop to reach 166.28 million tons in 2024/25, up significantly from last year but below the USDA’s estimate of 169 million tons.
On the Chicago Mercantile Exchange (CBOT) on Tuesday for delivery in November, December:
- wheat (DKBR 2024) - 211.55 dollars / t - minus 0.48%;
- corn (DKBR 2024) - 162.40 dollars / t - plus 0.43%;
- soybeans (NBR 2024) - 369.64 dollars / t - plus 0.15%;
- rice (NBR 2023) - 751.84 dollars / t - plus 0.29%;
- rapeseed (ICE, NBR 2024) - 574.40 cad / t - plus 1.72%.
The French wheat market fell on Tuesday. At the end of the trading day, December milling wheat quotes on the Paris MATIF exchange fell to €219.25 per ton (in dollar equivalent - to $244.07). November corn quotes fell to €202.50 per ton (in dollar equivalent they rose to $225.42).
On the Paris Exchange (MATIF) on Tuesday, the quotes for November and December contracts at the close of trading were:
- milling wheat (DKBR 2024) - $244.07 per ton - minus 0.07%;
- corn (Nov 2024) - $225.42 per ton - plus 0.26%;
- sunflower (on the SAFEX exchange, Sept). -9020.00 zar./t - minus 0.33%;
- sunflower oil (06.09.2024 Rotterdam, in bulk FOB) - 1075.00 USD/t.