Corn is trading lower at midday, with December futures breaking just below the 4-dollar mark. Today’s export sales were decent, but demand has been sluggish overall and does not lend well to the anticipation of a large crop incoming.
Today, the USDA reported an increase of 19.1 million bushels of corn export sales for 23/24 and 9.8 mb for 24/25. This was up significantly from the previous week and up 32% from the previous 4-week average.
Last week’s export shipments of 51.3 mb were well above the 36.0 mb needed each week to meet the USDA’s estimate and put export shipments up 33% from a year ago. Primary destinations were to Japan, Mexico, and Colombia.
Soybeans are trading lower at midday, with the September contract falling below 10 dollars as the market anticipates a bearish WASDE report on Monday. US yields are expected to increase slightly, while South American production is projected to decline. Both soybean meal and oil are also trading lower today.
Today’s export sales report was ok with the USDA reporting an increase of 12.0 mb of soybean export sales for 23/24, and an increase of 36.2 mb for 24/25. This was up 2% from last week and up 66% from the prior 4-week average.
Last week’s export shipments of 12.9 mb of soybeans were below the 15.6 mb needed each week to meet the USDA’s estimates. Primary destinations were to Mexico, Indonesia, and Germany.
All three wheat classes are trading lower today with KC wheat leading the way down. Before yesterday’s lower close, wheat had been on a winning streak with 5 consecutively higher closes. There is some anticipation of smaller new crop supplies with adverse weather in Europe and the Black Sea region.
Today’s export sales report showed an increase of 10.1 million bushels in wheat sales for 24/25 and 4.1 mb for 25/26. This was down 4% from the previous week and 23% from the prior 4-week average. Wheat sales commitments are up 34% from a year ago.
Last week’s export shipments of 18.2 mb were above the 16.1 mb needed each week to meet the USDA’s export estimate of 825 mb for 24/25. Primary destinations were to Mexico, Italy, and Panama.
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