Corn

Another private export sale of 115,000 tons was reported to Mexico by the USDA via their daily reporting system.

The USDA Export Sales report recorded a total of 535,000 tons in 2024/25 bookings during the week ending September 19. This figure is below the 0.6 to 1.3 million tons estimates and down 37% from both the previous week and the same week last year. Colombia was the largest buyer with 168,000 tons, while Mexico purchased 160,000 tons that week.

China set its annual import tariff quota at 7.2 million tons for 2025, unchanged from previous years.

The contract price for December corn on September 26 was 413.25 cents/bushel, unchanged from the previous trading session.

Soybeans

Export data showed over 1 million tons of soybeans sold in the week ending September 19, down from the previous week. This figure falls within the 0.9 to 2 million tons estimates and is significantly higher than the same week last year. China was the largest customer with 869,000 tons, along with 245,000 tons sold to unknown destinations.

Meal sales recorded a net reduction of over 7,000 tons for the 2023/24 sales and net sales of 271,000 tons for 2024/25, within the expected range of 100,000 to 550,000 tons for the two marketing years. Oil sales were 935 tons for 2023/24, with 3,000 tons for 2024/25, barely within the total sales estimates of 4,000 to 26,000 tons.

The contract price on September 26 was 1.041 cents/bushel, down 1% from the previous trading session.

Wheat

Russia's wheat crop for 2024/25 is projected at 81.8 million tons according to IKAR, down 0.4 million tons from the previous estimate. Japan purchased a total of 112,000 tons of wheat in their weekly tender from Australia, Canada, and the U.S., with 64,000 tons specifically from the U.S. China set its 2025 import tariff quota for wheat at 9.64 million tons.

Chile was the largest buyer with 83,000 tons, while the Philippines bought over 49,000 tons that week. An unknown destination canceled 156,000 tons, most of which were switched to another destination. Sales for 2025/26 were recorded at 10,000 tons, within the expected range of 0 to 50,000 tons.

The contract price for December wheat on September 26 was 584.25 cents/bushel, down 1% from the previous trading session.

Source: Summary