Corn

The Weekly Export Sales data showed just over 15,000 tons of sales for the 2023/24 crop during the week ending on August 22, the lowest of the marketing year and in line with estimates. New crop sales reached 1.494 million tons, the highest in the marketing year and well above market predictions. Mexico was the largest buyer with 419.7 thousand tons, followed by unknown destinations with 391.2 thousand tons.

Corn prices rebounded. The December Corn contract settled at 396 cents per bushel on August 29, up more than 1.3% from the previous session.

Soybeans

The Export Sales report recorded 143.6 thousand tons of old crop sales during the week of August 22, below expectations. The new crop sales were more active, totaling 2.616 million tons; the previously known figure was 1.38 million tons. This is the highest in several years and exceeds estimates of 1.5 to 2.5 million tons, with 870 thousand tons sold to China and 845.6 thousand tons to unknown destinations.

Total soybean meal sales were over 21 thousand tons for the 2023/24 crop during the week of August 22, with the new 2024/25 crop reported at nearly 429 thousand tons. Soybean oil sales were over 1 thousand tons.

The November Soybean contract prices rebounded. The settlement price on August 29 was 992.5 cents per bushel, up nearly 1.6% from the previous session.

Wheat

Export sales data showed 532 thousand tons of wheat during the week ending August 22. This is the largest total sales in six weeks and aligns with trade estimates. The Philippines was the largest buyer with 97 thousand tons, including 93.4 thousand tons sold to South Korea.

The EU Commission estimates EU wheat production at 116.1 million tons, down from the previous estimate of 120.8 million tons. EU export forecasts are 26 million tons, down 6 million tons from the previous month, with reserves increasing by 1.8 million tons from the previous month to 12.5 million tons.

The December Wheat contract prices continued to rise. The settlement price on August 29 was 548.75 cents per bushel, up more than 1.3% from the previous session.

Source: Compiled