Corn

The USDA reported a private export sale of nearly 166,000 tons to Mexico for the new crop, with an additional 100,000 tons sold to Colombia.

Estimated export sales for the old crop corn are expected to range between 100,000 and 200,000 tons for the week ending August 22. New crop sales are estimated to be between 700,000 tons and 1.4 million tons.

Ethanol production reached 1.071 million barrels per day for the week ending August 23, down by 27,000 barrels per day from the previous week. Ethanol stocks decreased slightly by 2,000 barrels to 23.572 million barrels. Ethanol exports were reported at 145,000 barrels per day, an increase of 63,000 barrels per day compared to the previous week.

Official corn production figures for Canada stand at 15.23 million tons, exceeding expectations of 14.97 million tons and down by 1% from the previous year.

Corn prices declined in midweek trading. The settlement price for the December Corn contract on August 28 was 390.75 cents per bushel, down more than 0.5% from the previous session.

Soybeans

A private export sale of 264,000 tons of soybeans was made to China for the 2024/25 crop.

Ahead of the export sales report on Thursday evening, traders are expecting to see old crop soybean sales of 150,000 tons for the week of August 22. New crop business was active during that week, with previously reported sales totaling 1.38 million tons. Therefore, new crop sales are estimated to range from 1.5 to 2.5 million tons.

Soybean meal sales are estimated to be between 0 and 600,000 tons for the combined two marketing years, with soybean oil sales ranging from 0 to 30,000 tons.

Canada's canola production is estimated at 19.5 million tons according to Statistics Canada, up 1.6% from last year and above the estimated 19.2 million tons. Soybean production is recorded at 7.15 million tons, slightly below the estimate of 7.2 million tons but up 2.4% from last year.

November Soybean futures prices retreated. The settlement price on August 28 was 977 cents per bushel, down nearly 1% from the previous session.

Wheat

Export sales estimates range from 300,000 to 600,000 tons for all wheat export orders in the week ending August 22.

Canada's wheat production stands at 34.37 million tons, higher than the estimated 34.1 million tons and up 4.3% from last year. This is largely due to a 47% increase in durum wheat, reaching 6.022 million tons, while spring wheat production decreased by 0.7% to 25.351 million tons.

December Wheat futures continued their positive trend. The settlement price on August 28 was 541.5 cents per bushel, up more than 1% from the previous session.

Source: Compiled