Corn and soybean futures posted modest advances on Monday amid continued good export demand. Wheat also ended a bit higher.
The USDA this morning announced a private export sale of 132,000 tonnes of US soybeans to unknown destinations for 2024-25. Corn sales of 150,000 tonnes to Mexico and 120,000 to unknown destinations were also announced today. The USDA will release its monthly supply-demand update on Friday, and the market is waiting to see if the 2024-25 US corn and soybean export forecasts will be revised higher.
Markets are also awaiting the outcome of Tuesday’s presidential election, amid fears of a renewed trade war with China depending on the victor.
Meanwhile, StoneX revised its US corn and soybean yield estimates slightly lower from last month, although both remain historically strong.
December corn was up 2 cents at $4.16 ½, and March added ¾ of a cent to $4.30. January and March soybeans each gained 3 ½ cents to $9.97 ¼, and $10.11 ¾.
Wheat futures were boosted by positioning ahead of the election. December Chicago was up ¾ of a cent to $5.68 ¾, December Kansas City gained 4 ¼ cents to $5.71, and December Minneapolis added 5 ¼ cents to $6.05.
