CORN

• Corn struggles to hold on to gains at midday after wheat pulls back.
• Monday’s Crop Progress report showed corn harvest at 91% complete compared to 81% a week ago and the 5-year average of 75%.
• AgRural estimates Brazil’s first corn crop plantings are at 60% complete.
• StoneX lowered their 24/25 corn yield estimate from 184 bpa last month to 183.7 bpa.

SOYBEANS

• Soybeans remain firm at midday on yield cut forecasts and stronger energy prices.
• Monday’s Crop Progress report showed soybean harvest at 94% complete compared to 89% a week ago and the 5-year average of 85%.
• AgRural estimates that Brazil’s soybean plantings are at 54% complete.
• StoneX lowered their 24/25 soybean yield estimate from 53.5 bpa last month to 52.6 bpa.
• Argentina’s soybean export sales continue to be strong. The country’s oilseed consultancy announced export revenue was 200% higher in October than it was in October of 2023.

WHEAT

• All three wheat contracts have pulled back at midday on additional rain in the forecasts for the Plains states.
• Monday’s Crop Progress report showed winter wheat plantings at 87% compared to 80% a week ago and the 5-year average of 89%.
• Russia’s Ag Minister said that the country could lose between 20 mmt and 22 mmt of grains this year.
• Egypt purchased 290,000 mt of wheat in their tender with Ukraine, Romania, and Bulgaria origins.

Author

Tanner Wilson