Corn

Export Sales data reported a net decrease of 173,000 tons of old crop corn for the week ending August 29, a reasonable figure for the last week of the marketing year. New crop business was reported at 1.8 million tons, the highest of the marketing year and above the forecasted range of 0.7 to 1.4 million tons. Mexico purchased 806,000 tons, with more than 475,000 tons sold to unknown destinations.

A South Korean feed buyer purchased 68,000 tons of U.S. corn in a tender on Thursday. Safras estimated Brazil’s corn acreage for the 2024/25 season would slightly decrease to 51.57 million acres, but production is expected to be much higher than last year.

Corn prices continued to decline. The settlement price for December Corn Futures on September 6 was 406.25 cents/bushel, down 1.1% from the previous session.

Soybeans

The weekly Export Sales report showed a net reduction of 228,000 tons for the 2023/24 marketing year in the week ending August 29. New crop sales totaled 1.66 million tons, at the high end of the estimated range of 0.8 to 2 million tons. China was the primary buyer with more than 1 million tons, while 474,000 tons were sold to unknown destinations.

Soybean meal sales reached 41,000 tons for the 2023/24 marketing year, while 434.7 thousand tons were sold for 2024/25 in the week ending August 29, the largest sales figure since the end of June. Soybean oil sales totaled 2,000 tons for 2023/24 and 3,200 tons for 2024/25.

November Soybean Futures prices declined, with the September 6 settlement at 1,005 cents/bushel, down 1.8% from the previous session.

Wheat

The USDA Export Report on Friday morning showed over 340,000 tons of wheat exported for the week ending August 29. This was at the low end of the forecast range of 300,000 to 600,000 tons and marked a three-week low. The largest buyers were Leeward and Windward Islands with 58.5 thousand tons, followed by Mexico purchasing 51.8 thousand tons.

December Wheat Futures prices were down, settling at 567 cents/bushel on September 6, a decline of 1.35% from the previous session.

Source: Compiled from multiple reports.