Corn

Export Inspection data reported that nearly 970 thousand tons of corn were exported during the week ending August 29. This figure is up 5.2% from the previous week and nearly double compared to the same week last year. Mexico was the largest destination with nearly 464 thousand tons, followed by Japan with 202.7 thousand tons. Total exports for the marketing year have reached 52.03 million tons as of August 29 and are nearing the end of the 2023/24 shipping year.

Corn prices continue to rise. The settlement price for the December Corn contract on September 3 was 409.25 cents/bushel, up more than 2.06% compared to the end of last week.

Soybeans

The weekly Export Inspection report recorded nearly 497 thousand tons of soybeans exported during the week ending August 29, an 18.4% increase from the previous week and 21.8% higher than the same week last year. The USDA reported a private export sale of 132 thousand tons of soybeans to China, and China remains the largest destination with nearly 194 thousand tons of soybeans.

The Soybean Crushing report showed that soybean crushing in July reached 193.4 million bushels, higher than expected, indicating strong demand for soybeans in oil production. However, soybean oil stocks fell 5.5% from the previous month, which could impact prices in the future if demand continues to rise.

The November Soybean contract price increased. The settlement price on September 3 was 1,012 cents/bushel, up nearly 1.2% compared to the end of last week.

Wheat

Export sales data showed nearly 578 thousand tons of wheat were exported during the week ending August 29. This figure is significantly higher than the same period last year and up 5.18% compared to the same week the previous year. Mexico became the largest destination with 135 thousand tons, followed by the Philippines with 112.6 thousand tons.

Globally, Ukraine's wheat production is expected to decrease by 15% due to unfavorable weather conditions. Meanwhile, Australia's wheat production for the 2024/25 season is forecasted at 31.8 million tons, an increase from previous estimates.

The December Wheat contract price rose significantly. The settlement price on September 3 was 566.75 cents/bushel, up nearly 2.8% compared to the end of last week.

Source: Compiled