Corn, wheat, and soybean futures all fell in post-USDA trade on Friday.
Soybeans suffered some of the sharpest losses on the day, as the USDA provided no real juice for the market to move higher. The US soy yield and production estimates were trimmed just slightly from last month while ending stocks were held steady at 550 million bu. However, this year’s crop is still expected to be a new record high. The USDA reported private export sale of 132,000 tonnes of soybeans to unknown destinations this morning. November beans fell 9 ¼ cents to $10.05 ½, and January lost 10 ½ cents to $10.21.
For corn, a small increase in production was offset by lighter supplies and higher export demand in today’s USDA report. The end result was a 58-million bu cut in the 2024-25 ending stocks estimate from September to 1.999 billion bu. The report served to confirm the massive crop on the way for this year. The USDA this morning reported private sales of 577,928 tonnes of corn to unknown destinations. December corn slipped 2 ¾ cents to $4.15 ¾, and March was down 3 ¼ cents at $4.33.
US wheat ending stocks were trimmed in the USDA report, while global stocks were revised just slightly higher. At 812 million bu, US wheat ending stocks were down 16 million from September but still up 17% on the year. Meanwhile, global ending stocks were bumped 500,000 tonnes higher to 257.72 million. December Chicago was down $ ¾ cents to $5.99, December Kansas City dropped 6 ½ cents to $6.04 ½, and December Minneapolis closed 6 ½ cents lower at $6.43 ¾.
