Corn

Weekly Export Sales data showed 331,380 MT of old crop corn sold during the week that ended on July 18. That was on the lower end of the 200,000 to 700,000 MT estimates and 15-week low. Sales for 2024/25 totaled 745,193 MT, which ended up besting the trade thoughts of 100,000 to 600,000 MT and was a marketing year high. Japan was the top buyer of both old and new crop, totaling 370,400 MT in total, as Mexico came in second for both and totaling 355,800 MT.

September Corn Futures prices continued to rise. The settlement price on July 25th was 406 cents per bushel, up 0.56% from the previous session.

Soybean

TA private export sale of 264,000 MT of soybeans was reported by USDA this morning to unknown destinations for 2024/25 shipment.

USDA’s Export Sales report was released this morning, with sales for 2023/24 at a 21-week low of just 88,649 MT, which was also below estimates running 100,000 to 400,000 MT. Sales for the new crop marketing year were on the high end of the 500,000 to 900,000 MT range at a MY high of 829,675 MT in the week ending 7/18, with 723,100 MT sold to unknown destinations.

Soybean meal sales were on the high end of the trade estimates, with 2023/24 sales at an 8-week high of 258,117 MT, with 520,886 MT sold for the next crop year, a MY high. Bean oil sales totaled 6,870 MT for 2023/24 and net reductions of 3,066 MT for 2024/25.

September Soybean Futures prices rebounded. The settlement price on July 25th was 1,074.5 cents per bushel, up 1.34% from the previous session.

Wheat

Updated Export Sales data released this morning showed just 309,319 MT of wheat sold in the week that ended on July 18, down vs. last week. The trade was expecting to see between 300,000 and 625,000 MT of wheat sold for 2024/25 marketing year. South Korea was the buyer of 105,000 MT, with Nigeria purchasing 58,800 MT.

The Wheat Quality Council Spring wheat tour in North Dakota was complete today, with pegged the state average yield for spring wheat at 54.5 bpa following the three-day tour. That was a record for the event going back to 1992 and more than 7 bpa above last year and 12.5 bpa larger than the 5-year average.

The EU Commission revised their forecast for EU wheat production by 1.1 MMT lower to 120.8 MMT on Thursday, with the ending stocks expected down by 2.4 MMT to 10.7 MMT.

September Wheat Futures prices declined. The settlement price on July 25th was 537.75 cents per bushel, down 1.69% from the previous session.

Source: Barchart