Soybean futures posted just modest gains on Thursday despite good export demand, while corn ended mixed and wheat lower.
This morning’s USDA weekly export sales report showed bookings of US soybeans for the week ended Oct. 24 at 2.27 million tonnes. That was a 2024-25 marketing year high, although just in the middle of trade expectations. The USDA also reported private export sales of 150,000 MT of soybean meal to unknown destinations for 2024-25. Trader positioning ahead of next week’s expected volatility due to the US presidential election added support. January beans gained 3 ¼ cents to $9.94 ½, and March climbed 4 cents to $10.09 ½.
Weekly export sales for corn amounted to 2.34 million tonnes. That was a drop of 35% from the previous week, but the second largest total for the marketing year and in the middle of trade estimates. Short covering offered some support before light profit taking came forward. December corn finished ¾ of a cent lower at $4.10 ¾, and March gained a ½ cent to $4.26.
Market sentiment that Russian wheat export prices are declining put pressure on wheat. Weekly export sales were reported at 411,424 tonnes, a five-week low and on the low end of trade guesses. December Chicago lost 2 ¾ cent to $5.70 ½, December Kansas City dropped 6 ½ cents to $5.69 ¼, and December Minneapolis fell 4 ¾ cents to $6.04 ¼.
