Continued solid export interest kept corn futures pointed higher on Thursday. Wheat was also stronger on the day, while soybeans were little changed.
The USDA reported another round of private export sales this morning, with 227,600 tonnes to Japan, and 165,000 tonnes sold to unknown destinations. Meanwhile, today’s weekly export sales report showed 3.6 million tonnes of 2024-25 US corn booked for the week ended Oct. 17. That topped the range of pre-report trade expectations and was more than double the same week last year. December corn was up 2 ½ cents at $4.21 ½, and March gained 3 cents to $4.35.
Strong demand lifted soybeans earlier in the day, as the USDA reported a private export sale of 198,000 tonnes to unknown destinations. The export sales report was positive as well, showing 2.15 million tonnes of soybeans booked for the week ended Oct. 17, a marketing year high and on the high end of trade guesses. However, harvest selling later in the day left the market near unchanged. November beans dropped 1 ¼ cents to $9.96 ¼, and January was steady at $10.05.
Weekly export sales for wheat amount to 532,885 tonnes, up almost 6% on the week and on the higher side of trade guesses. December Chicago wheat was up 3 cents at $5.81 ½, December Kansas City gained 1 ½ cents to $5.87, and December Minneapolis added 2 ½ cents to $6.18.
