Grain Markets and Other Stuff

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Here’s the latest on the agricultural markets and trade dynamics! 🌾📊

🌍 Trade Tensions and China's Position
With the possibility of a trade war on the horizon, China is strategically positioned to impose tariffs on U.S. farm products.
Since 2018, when China enacted a 25% tariff on U.S. soybeans, corn, and other items, there has been a significant shift toward imports from other countries, especially Brazil.
U.S. soybean imports have decreased from 40% in 2016 to just 18% this year, while Brazil's share has surged to 76%.
However, to secure supplies ahead of the upcoming election, Chinese buyers have increased U.S. soybean imports, which are up 9% year-over-year through September.
Both Donald Trump and Kamala Harris have expressed intentions to address unfair trade practices by China.

🇧🇷 Brazilian Soybean Planting Update
Brazilian farmers are ahead of schedule in planting soybeans, with 52.9% of the expected area planted, up from 50.6% last year.
StoneX has raised its forecast for Brazil's soybean crop to 166.2 million metric tons (mmt), an increase from its previous estimate of 165.03 mmt.
The first corn crop is projected at 24.9 mmt, and the second at 101.5 mmt, totaling 128.5 mmt for all corn production.

🌧️ Weather Patterns in the US
The U.S. radar is showing active weather this morning with rain moving across parts of Texas, Oklahoma, Missouri, Illinois, and Indiana.
Heavy rain totals were reported over the weekend in Oklahoma and eastern Kansas, with additional rainfall expected in Missouri, Iowa, and Wisconsin.
The forecast indicates a wet pattern for the central U.S. Corn Belt, which is expected to help improve the situation on the Mississippi River. Projections suggest levels will rise above the "restrictive" zone by next Tuesday.

📈 Funds and Market Position
"The Funds" significantly reduced their net short position in the corn market last week:
As of October 29, large money managers were net buyers of 52,000 corn contracts, marking the smallest net short position since August 2023.
Conversely, funds were net sellers of 4,000 soybean contracts and 1,000 contracts of SRW wheat.

📦 Flash Sales Activity
The USDA reported several flash sales on Friday:
132,000 metric tons (5 million bushels) of soybeans sold to China for delivery during the 2024/2025 marketing year.
781,322 metric tons (31 million bushels) of corn sold to Mexico, with 715,800 metric tons (28 million bushels) for the 2024/2025 marketing year and 65,532 metric tons (3 million bushels) for 2025/2026.
Additionally, 198,000 metric tons (7 million bushels) of soybeans sold to unknown destinations and 30,000 metric tons of soybean oil sold to India.

Conclusion
As trade dynamics evolve and weather conditions play a critical role in harvest outcomes, the agricultural market remains sensitive to both domestic and international influences. Keep an eye on these developments as they could significantly impact future pricing and supply chains! 🌱📈

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📉📈 Soybean Futures Rebound After Decline
Soybean futures have closed higher for two straight sessions following declines ahead of November First Notice Day:
Farmers have been weighing whether to price or roll their November basis contracts, leading to some market volatility.
A bounce after First Notice Day is typical, and the Jan25 contract managed to avoid retesting its August low.
Private estimates suggest that "the funds" remain net short by about 60k contracts as of yesterday’s close.

💧 US Drought Conditions Worsen in the Corn Belt
The USDA's latest drought monitor reveals worsening conditions across the Corn Belt and High Plains:
75% of the Corn Belt is experiencing some level of drought, up from 66% last week.
This is the highest level of drought impact on corn and soybean production since 2012. 
In the High Plains, minimal rainfall and above-normal temperatures have expanded drought conditions.
🔢 US Areas Experiencing Drought:
Corn: 81%
Soybeans: 73%
Winter Wheat: 62%
Spring Wheat: 40%
Cattle: 62%

🚜 Strong US Soybean and Corn Export Sales
US export sales for soybeans and corn showed strength last week:
Soybean sales: 2.3mmt (84 million bushels), up 6% from last week and 39% from the prior 4-week average. China was the largest buyer. 
Corn sales: 2.3mmt (92 million bushels), despite a 35% weekly decline, were still 7% above the 4-week average, with unknown destinations leading purchases.
Wheat sales: 411,400mt (15 million bushels), down 23% from last week and 14% below the 4-week average. Mexico was the largest buyer. 

🌱 Brazilian Crop Outlook: Record Soybean Production Expected
Rabobank and Conab have both released forecasts for Brazil’s soybean crop:
Rabobank: Expects 1.5% increase in planted acres to 116 million acres, with a record crop of 167mmt, up 9.2% from last season.
Conab: Projects a slightly higher 2.8% increase in planted acres.
Despite current dry conditions slowing planting, Rabobank has not revised its production estimate. Meanwhile, Brazil’s corn crop is expected to reach 125mmt, a 2.5% increase over last season.

🌞 Argentina’s Soybean Shift Amid Hot and Dry Conditions
The USDA’s office in Argentina estimates a 52mmt soybean crop, slightly higher than the USDA’s 51mmt forecast:
Argentine farmers are shifting from corn to soybeans due to concerns over stunt disease and tighter margins.
With lower production costs, soybeans are seen as a safer bet this season.
Hot and dry conditions through December could impact production, but increased soybean crush is expected due to higher production and imports.

🛢️ Flash Sale of Soybean Cake & Meal
The USDA reported a flash sale of 150,000mt of soybean cake and meal to unknown destinations for delivery in the 2024/2025 marketing year:
So far this year, 926,000mt of soybean cake and meal have been sold for delivery through flash sales.

🏢 US Jobless Claims Fall to Five-Month Low
US jobless claims dropped to 216,000, the lowest since May:
Earlier spikes were driven by Hurricanes Helene and Milton and a strike at Boeing.
Job cuts totaled 55,600 in October, down 24% from September. Despite this, year-to-date cuts are 3.7% higher than the same period last year.

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0:00 RFK Jr USDA Overhaul
5:17 MF Global Anniversary
9:04 Rains are Back
11:45 Ethanol Production is STRONG
12:59 China, Russia, Soybeans
13:48 Biofuel Money
14:34 Flash Sales

🚜 Potential Role of Robert F. Kennedy Jr. in USDA
Robert F. Kennedy Jr. has stated that if Donald Trump is elected president, he has been promised control of the USDA. Kennedy aims to overhaul U.S. agricultural policy, focusing on benefits for farmers, consumers, and the environment.
His proposals include:
Providing relief to small farmers.
Promoting sustainable and regenerative farming practices.
Banning certain agricultural chemicals.
For more details, watch his promotional video on YouTube.

📅 Anniversary of MF Global's Bankruptcy
Today marks 13 years since MF Global went bankrupt, one of the largest clearing firms in the futures industry. CEO Jon Corzine misused customer funds for risky sovereign debt trades, leading to insolvency. The bankruptcy was the 11th largest in U.S. history, leaving many customers with missing funds.

🌧️ Return of Rains to the US Corn Belt
Rain has returned to the US Corn Belt, with active radar over South Dakota, Minnesota, Iowa, Missouri, Illinois, and Wisconsin. Recent rainfall has helped alleviate dry conditions, but 76% of U.S. corn areas are still experiencing drought.
Projections indicate little improvement in Mississippi River water levels through mid-November.

🌽 Ethanol Production Update
US ethanol production rose for the fifth consecutive week, reaching 1.082 million barrels per day:
This marks a 4% increase compared to the same week last year. Ethanol stocks are at 21.8 million barrels, reflecting a slight decrease from the previous week but an increase year-over-year. Implied gasoline demand is also up by 3.6% compared to the previous week.

🇨🇳 China's Shift Towards Russian Soybeans
China is looking to increase its reliance on Russian soybeans to diversify suppliers and reduce dependency on U.S. imports. Despite Russia producing only 6.8 million metric tons of soybeans in the last season (less than 2% of global production), China imported 99.4 million metric tons of soybeans last season.

🌱 USDA's Biofuel Initiative
The USDA is distributing $239 million to enhance biofuel availability:
$39 million in grants will help construct and improve biofuel infrastructure across 18 states. $200 million is allocated for developing bio-based technologies, aimed at promoting energy independence and providing cleaner fuel options.

📦 Flash Sales Report
USDA reported multiple flash sales:
132,000 metric tons (5 million bushels) of soybeans sold to China for the 2024/2025 marketing year.
132,000 metric tons (5 million bushels) of soybeans sold to unknown destinations.
273,048 metric tons (11 million bushels) of corn sold

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0:00 CME is an FCM
4:05 Soybeans and FND
6:30 Corn Belt Rains Return
7:36 China Stimulus Details
8:39 Gold ATH
10:00 Bitcoin Rally

Here's the latest update on the CME's new futures commission merchant, market conditions, and key economic developments! 📈🌾

📊 CME's New Futures Commission Merchant (FCM)
The CME has received approval to establish a Futures Commission Merchant (FCM). This FCM will enable market participants—traders, farmers, funds, etc.—to buy and sell futures directly on the CME marketplace, bypassing traditional brokers like RJO, StoneX, and ADM Investor Services. Critics argue this creates a conflict of interest since the CME would operate as both a futures exchange and a brokerage, potentially leading to excessive control over risk management and self-regulation. Proponents believe this move will streamline processes, lower costs for investors, and eliminate market inefficiencies.

🌱 Soybean Futures Update
First Notice Day for November soybean futures is tomorrow, with farmers needing to price or roll contracts by the close of business today. The days leading up to First Notice often see weakness in both futures and spreads, especially in years with large crops, though a "collapse" has not occurred this year.

🌧️ Weather Forecast for the Corn Belt
Rain is expected to return to the US Corn Belt this week, with light rain already observed in parts of North Dakota, South Dakota, and Minnesota. The 5-day Euro model indicates widespread rainfall across much of Kansas, Missouri, Iowa, Illinois, Minnesota, and Wisconsin. Heavier rains are projected during the 5-10 day period, which should help alleviate some drought conditions. There may be minimal improvement to Mississippi River levels around November 9th.

🇨🇳 China's Fiscal Package Proposal
China is considering a fiscal package of over $1.4 trillion to revive its economy:
The package could represent more than 8% of China's GDP.
If Trump wins the presidency, a larger fiscal package might be announced due to anticipated economic challenges.

💰 Gold and Bitcoin Updates
Gold reached an all-time high of $2,766.73 per ounce, buoyed by falling job openings and investor focus on the upcoming US elections.
The precious metal has seen over a 33% increase this year, driven by central bank purchases and geopolitical tensions. Bitcoin surged to over $73,000, approaching its all-time high of $73,750: 
Factors contributing to Bitcoin's rise include expectations of a soft economic landing, stock market gains, increasing demand for Bitcoin ETFs, and potential Federal Reserve rate cuts.

Conclusion
As market dynamics shift with the CME's new FCM, farmers are navigating challenges with soybean contracts amid weather fluctuations and economic developments in China. The highs in gold and Bitcoin reflect investor sentiment amidst ongoing global tensions. Keep an eye on these trends

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Here's the latest update on soybean purchases, harvest progress, winter wheat conditions, and export sales! 🌾📉

🥜 Soybean Purchases Decline
Major grain traders like Cargill and Bunge have scaled back soybean purchases due to uncertainty surrounding the 45Z tax credit.
Biodiesel producers, who typically secure over 80% of their feedstocks for the first quarter by mid-October, have only obtained about 10% of those this year.
Delays in guidance from the Treasury Department for the upcoming tax credit, set to begin in January, are causing concern. The outcome of the upcoming election could also influence the future of this subsidy.

🌽 Rapid Harvest Progress
The US corn crop is progressing quickly, with 81% harvested nationally as of Sunday, compared to 65% the previous week and 64% on average. This marks the fastest harvest since 2012.
States that have harvested 85% or more include: Illinois, Kansas, Kentucky, Minnesota, Missouri, North Carolina, Tennessee, and Texas.
The US soybean harvest is also advanced, with 89% harvested nationally, up from 81% the prior week and 78% on average. This pace is the fastest since 2010.
States with 95% or more harvested include: Iowa, Louisiana, Minnesota, Mississippi, North Dakota, South Dakota, and Wisconsin.

🌾 Winter Wheat Conditions
Winter wheat conditions are reported as the second worst on record, with only 38% rated as good to excellent, below the 43% average.
This year’s ratings are worse across nearly all states compared to last year, with the exception of California, Kansas, Michigan, and Oregon.
As of Sunday, 80% of the winter wheat crop is planted, up from 73% the previous week but below the 84% average.
🇧🇷 Brazilian Soybean Planting
Brazilian farmers have made progress in soybean planting, reaching 36% of the expected area as of last Thursday, compared to 40% last year.
Despite lagging behind last year's pace, the area planted last week saw an 18% gain, with Mato Grosso accounting for half of the newly planted acres thanks to consistent rainfall.
52% of Brazil's first corn crop has been planted, slightly down from 53% last year.

🚢 US Export Sales
US soybean shipments declined last week but remain robust:
2.4mmt (88 million bushels) were inspected for export, down 6.1% from the previous week but up 17% year-over-year, with over 60% going to China.
Corn shipments totaled 823,664mt (32 million bushels), a drop of 18% from the previous week but an increase of 52% compared to last year.
Wheat shipments came in at 248,534mt (9 million bushels), down 7.4% from the prior week but up 25% year-over-year.

📦 Flash Sales Update
USDA reported two flash sales of corn on Monday:
124,000mt (5 million bushels) sold to Japan for the 2024/2025 marketing year.
120,000mt (5 million bushels) sold to unknown destinations for the same marketing year.
Since the beginning of October, exporters have sold 5.4mmt (211 million bushels) of corn via flash sales.

Conclusion
As harvests progress rapidly, traders are adapting to changes in soybean purchasing and the implications of potential tax credit changes. Meanwhile, strong export sales are supporting the market amid ongoing challenges related to drought conditions and planting delays. 🌽📈

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Here’s a rundown of the latest developments regarding the Summit Carbon Solutions pipeline, weather conditions in the Corn Belt, crude oil prices, export sales, and cattle on feed reports! 🌽💧

📜 South Dakota Pipeline Law Vote
South Dakota voters will decide on Referred Law 21 next week.
Support for the law would allow counties to impose surcharges on certain pipeline companies, providing tax relief to property owners affected by pipelines.
Opponents argue the law is deceptive and fails to address eminent domain issues, with concerns that it serves as a buyout for pipeline construction on their land.
Summit Carbon Solutions plans to reapply for a permit regardless of the vote outcome.

🌧️ Rain Expected in the Corn Belt
Rain is forecasted to return to the US Corn Belt starting Wednesday and Thursday.
Areas of Kansas, Missouri, Iowa, and Wisconsin are expected to see accumulated rainfall.
Widespread rainfall is anticipated during the 5-10 day period, which is crucial as 73% of US corn-growing areas are currently experiencing drought, the highest level since 2012.
Harvesting of corn and soybeans has been rapid due to dry conditions, and river levels on the Mississippi are expected to remain low through November 11th.

🛢️ Crude Oil Futures Decline
Crude oil futures are trading sharply lower, with the Dec24 WTI contract down nearly $4/barrel early in the week.
Recent Israeli attacks have focused on avoiding key Iranian oil infrastructure, maintaining Iran's oil industry operations as normal.

📦 US Export Sales Strong
USDA reported flash sales on Friday:
116,000mt (4 million bushels) of soybeans sold to China for the 2024/2025 marketing year.
136,000mt (5 million bushels) of corn sold to Mexico for the same marketing year.
US corn export sales for the current year are 34% ahead of last year's pace, with a modest projected year-over-year increase of 1.4%.

📈 Funds Adjust Positions
Funds have trimmed their net short positions in the corn market:
CFTC data shows that large money managers were net buyers of 20,000 contracts of corn, while they sold 18,000 contracts of soybeans and 4,000 contracts of SRW wheat.

🐄 Cattle on Feed Report
The latest Cattle on Feed report shows that as of October 1, the number of cattle on feed is at 100% of year-ago levels, matching expectations.
September placements were at 98% of year-ago levels, slightly above estimates, likely due to drought limiting grazing conditions.
Marketings last month were 102% of year-ago levels, indicating stable market fundamentals providing ongoing price support.

Conclusion
The upcoming vote on pipeline regulation, expected rainfall in the Corn Belt, fluctuations in crude oil prices, and strong export sales are pivotal factors currently influencing agricultural markets. As farmers deal with rapid harvests and storage challenges, attention remains on the economic and environmental implications of these developments. 🌾📊

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📉 Soybean Futures Decline
Soybean futures closed lower yesterday, despite reaching fresh two-week highs.
The nearby Nov24 contract peaked at $10.12 per bushel but settled around $9.96.
Downward pressure is continuing this morning, with calendar spreads also reversing after a brief rally.
First Notice Day for Nov24 futures is next Thursday, prompting farmers to price or roll contracts by Wednesday.

🌧️ Drought Conditions in the Corn Belt
USDA's weekly drought monitor shows:
While some areas received rainfall, much of the Corn Belt experienced below-normal precipitation and above-normal temperatures.
Approximately 88% of the Corn Belt is now facing some level of drought, a significant increase from 11% just three months ago.
Specific drought levels:
Corn: 76%
Soybeans: 68%
Winter Wheat: 58%
Spring Wheat: 37%
Cattle: 59%

🚀 Strong US Export Sales
Last week's export sales were robust:
Net soybean sales reached 2.2mmt (79 million bushels), the second-largest weekly total in over a year, with China as the largest buyer.
Net corn sales were reported at 3.6mmt (142 million bushels), a 62% increase from the previous week, with Mexico as the largest buyer.
Net wheat sales were at 532,900mt (20 million bushels), up 6% from the prior week.

📦 Additional Flash Sales Reported
USDA announced further flash sales on Thursday:
227,600mt (9 million bushels) of corn sold to Japan for the 2024/2025 marketing year.
165,000mt (6 million bushels) of corn to unknown destinations.
198,000mt (7 million bushels) of soybeans to unknown destinations.

🌍 Geopolitical Concerns from J.P. Morgan
Jamie Dimon, CEO of J.P. Morgan Chase, expressed concerns that World War III may have begun.
He emphasizes that geopolitical risks—including the conflicts in Ukraine and the Middle East—pose a greater threat to the global economy than previously anticipated.
Dimon believes that the potential for nuclear conflict represents a significant danger, surpassing even the risks of climate change.
Conclusion

The agricultural market is facing downward pressure amid a rapidly progressing harvest, significant drought conditions, and robust export sales. Additionally, the geopolitical landscape presents rising concerns that could impact global economic stability. As markets react to these developments, it will be essential for stakeholders to stay informed and agile in their decision-making. 🌾📊

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0:00 US / Brazil / China
2:42 BRICS Grain Exchange?
5:19 Ethanol Production is STRONG
9:07 Argentina Weather
10:26 Flash Sales

Here’s a summary of the latest developments in international trade, agriculture, and ethanol production! 🌍🌾

🌐 US-Brazil Relations and Trade Concerns
The Biden administration is advising Brazil against joining China's Belt and Road Initiative (BRI). At the Bloomberg New Economy conference in São Paulo, Biden's trade negotiator emphasized the risks of such a partnership. While some Brazilian leaders view the BRI as an opportunity for new investments, others warn it could harm relations with the US and EU. Brazil's ag minister argues for joining the initiative to counter protectionist measures from the US and EU.

🌾 BRICS Grain Exchange Proposal
Russia is pushing for a BRICS grain exchange to stabilize trade among its member countries (Brazil, Russia, India, China, and South Africa). This exchange aims to protect against price volatility and could extend to trading other commodities like gas, metals, and oil. A new cross-border payment system among BRICS nations is also under consideration, which would bypass the US dollar for easier trade.

🌽 US Ethanol Production
US ethanol production reached its second-highest level for this time of year, with a weekly output of 1.08 million barrels per day. This figure is up 3.7% from the previous week and 4.4% year-over-year. Ethanol stocks are reported at 22.2 million barrels, reflecting a slight decrease from the prior week but an increase compared to last year. Implied gasoline demand has also seen an uptick of 4.3% over the last four weeks compared to the same period last year.

🌧️ Rainfall Benefits in Argentina
Argentina has received much-needed rainfall, with major farming areas seeing between 1 to 3.5 inches. This moisture is critical for the upcoming wheat harvest in November and will help resume delayed planting of corn and soybeans.
The Rosario Grain Exchange has revised its estimates, projecting the wheat crop at 19.5 million metric tons and corn production between 51 million to 52 million metric tons.

📦 Flash Sales in US Ag Exports
USDA reported significant flash sales on Wednesday:
130,000 metric tons (5 million bushels) of soybeans sold to China for delivery in the 2024/2025 marketing year.
100,000 metric tons (4 million bushels) of corn sold to unknown destinations for delivery during the same marketing year.
259,000 metric tons (10 million bushels) of soybeans sold to unknown destinations.

Conclusion
The global agricultural landscape is shifting with significant implications for trade dynamics, especially concerning US-Brazil relations and the potential impacts of the BRI. Meanwhile, US ethanol production is robust, and Argentina's rainfall is promising for upcoming crops. Flash sales in US ag exports indicate continued interest and demand, particularly from China, despite market uncertainties. 🌾📈

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🥜 US Soybean Exports and Market Concerns
US soybean exporters are racing to ship products ahead of a potential DT presidency.
Traders fear that if DT is elected, China could reinstate tariffs on US soybean imports, prompting some Chinese importers to shift to Brazilian soybeans starting January.
This pivot is narrowing the already limited US soybean export window.
Soybean export premiums have reached their highest level in 14 months due to low water levels on the Mississippi River, better demand prospects, and commercial entities potentially being caught off guard.

🌾 Cargill Restructuring and Executive Changes
Two senior executives at Cargill will retire at the end of the year as part of a restructuring effort.
This follows a disappointing fiscal year where less than one-third of its business units met earnings projections, resulting in profits falling to $2.48 billion, the lowest in nearly ten years.
Cargill's profits have been pressured by bumper global crops and a significant decline in US cowherd numbers, now at their lowest in seven decades.

💱 Goldman Sachs' Predictions on Currency Fluctuations
Goldman Sachs predicts that the euro could drop by 10% against the dollar if DT implements tariff hikes and significant domestic tax cuts.
Similarly, the yuan could fall by 12% under the same conditions.
Analysts believe these changes could benefit the US dollar, especially amid strong US earnings and speculation that the Federal Reserve may take a less aggressive stance on future rate cuts.

🌾 Russian Wheat Production Outlook
The 2025 Russian wheat crop is projected to be comparable to this year's production, with estimates ranging from 80 million to 85 million metric tons.
Unfavorable weather conditions are expected to impact next year's crop, with a predicted reduction in wheat acreage and yields.

☀️ Harvesting and Weather Forecast
US corn and soybean harvests are anticipated to wrap up quickly, with a mostly dry forecast for the Corn Belt this week.
Some areas in Missouri, Iowa, and Illinois may see limited rainfall, but overall conditions are expected to remain dry.
Better rain accumulation is forecast for the first week of November, which may benefit the final stages of harvest.
Currently, the Mississippi River is nearly 9 feet below normal, which could further restrict shipping in the coming days.

🚢 USDA Flash Sales
USDA reported a significant flash sale on Tuesday:
US exporters sold 359,500 metric tons (14 million bushels) of corn to Mexico for delivery during the 2024/2025 marketing year, with Mexico expected to be the top buyer of US corn this season.

Summary
The agricultural landscape is shifting with increased urgency in US soybean exports, ongoing market dynamics amid political uncertainties, and notable changes within major companies like Cargill. The forecasted weather patterns may affect the remaining harvests, while the Mississippi River's low water levels pose challenges for transportation. As markets react to potential tariffs and shifting demand, US producers are navigating a complex and evolving environment. 🌍🚜

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Here’s the latest on the corn and soybean harvests, storage challenges, and international market dynamics! 🌽🌱

🚜 Rapid Harvesting and Storage Shortage
Corn and soybean harvests are progressing rapidly, with corn at 65% harvested and soybeans at 81% harvested nationally as of Sunday.
This pace is the second fastest for corn in the last ten years and the fastest for soybeans since 2010.
The quick harvest is leading to storage shortages, as many farmers are still holding last season's grain while waiting for better prices.
Due to limited bin space, some grain handlers are storing corn outside, forcing farmers to sell their crops at near four-year low prices.
USDA projects record national average yields for both crops this year, exacerbating storage issues.

💰 Chinese Economic Stimulus
In an effort to bolster its struggling economy, Chinese banks have cut lending rates:
These rate cuts follow the People's Bank of China's decision to lower rates at the end of September.
The quarter-point reductions are aimed at encouraging borrowing among households and businesses, particularly to support the faltering property market.
If economic growth continues to slow, further rate cuts may be on the horizon.

🌧️ Brazilian Soybean Planting Delays
Brazilian soybean planting is lagging, with only 18% of the expected area planted as of last Thursday, compared to 30% last year.
The slow pace is particularly notable in Mato Grosso, Brazil’s top soybean-producing state.
Recent rainfall is expected to facilitate faster planting in the coming weeks.
As of last Thursday, 48% of Brazil’s first corn crop had been planted, up from 46% last year.

📈 Strong Soybean Shipments
US soybean shipments remained robust last week, with 2.4 million metric tons (89 million bushels) inspected for export during the week ending October 17.
This represents a 28% increase from the previous week but is down 7.4% compared to the same week last year.
Corn shipments also saw significant growth at 1 million metric tons (39 million bushels), which was a 97% increase from the previous week and 112% higher than the same week last year.
However, wheat shipments fell below pre-report expectations at 268,375 metric tons (10 million bushels), down 29% from the previous week but up 58% year-on-year.

📉 Flash Sales and Export Activity
USDA reported several flash sales on Monday:
169,926 metric tons (7 million bushels) of corn sold to Mexico for delivery during the 2024/2025 ma