Corn

This morning’s Export Sales report showed 437,840 MT of corn sold for old crop shipment in the week of July 11. That was below the trade’s 500,000-800,000 MT estimates and down 18.3% from the week prior. Japan was the top buyer of 191,200 MT, with Mexico buying 129,400 MT. Bookings for new crop were a marketing year high at 485,681 MT during that week exceeding trade ideas of 25,000 MT to 400,000 MT. Unknown destinations was a purchaser of 201,600 MT, with Mexico buying 118,100 MT.

Sorghum sales were 60,500 MT, for 2023/24, with 50,000 MT for 2024/25, as China was the buyer of the total.

The International Grains Council raised their world corn production estimate by 2 MMT to 1.225 billion MT. The ending stocks projection was trimmed back 3 MMT on larger consumption to 278 MMT.

Soybean

USDA reported a rather large export sale of 510,000 MT of soybeans to unknown destinations for 2024/25 shipment in this morning’s flash sale announcement. There was also a sale of 150,000 MT of meal reported to unknown for 2024/25.

Export Sales data showed a total of 228,111 MT of soybeans sold for 2023/24 shipment in the week that ended on July 11. That was a 9.7% increase from the week prior and revised lower from the 360,111 MT originally reported on Thursday, as 132,000 MT was switched to new crop in a correction. Bookings for 2024/25 were a total of 507,025 MT over the course of that week, the largest this marketing year and above the top end of estimates. Of the total 191,000 MT was sold to unknown destinations and 140,500 MT for Mexico.

Meal sales totaled 209,292 MT for 2023/24, with 99,407 MT tallied for 2024/25. Bean oil bookings 3,276 MT for the current marketing year, with forward sales for the next marketing year at 14,900 MT.

Data from the International Grains Council released this morning indicated a relatively unchanged outlook from last month, with production left unchanged at 415 MMT, and stocks at 79 MMT.

Wheat

The weekly Export Sales report from FAS showed a total of 578,502 MT of wheat during the week of July 11. That was on the high end of the 225,000 to 600,000 MT range of estimates and more than double the week prior. South Korea bought 119,000 MT, with Mexico 92,700 MT in sales.

Japan purchased a total of 115,208 MT of wheat from the US and Canada this week, with 55,318 MT originating for the US.

An updated look at the balance sheet from the International Grains Council projections show the world wheat production up 8 MMT mo/mo at 801 MMT, with stocks expected to rise a similar amount to 269 MMT.

Source: Barchart