Wheat futures continued their upward trajectory on Thursday, while both corn and soybeans slipped.
Global weather woes remained the main supportive influence for wheat, particularly the dryness that is slowing planting and already threatening the 2025 winter wheat crop in Russia, the world’s No. 1 exporter. This morning’s USDA weekly export sales report showed total US wheat bookings for the week ended Oct. 3 at 433,560 tonnes, in the top half of trade estimates between 250,000 and 550,000. Tomorrow’s USDA supply-demand update is expected to show some tightening in 2024-25 US and global wheat ending stocks from last month. December Chicago gained 4 ¾ cents to $6.03 ¾, December Kansas City was up 2 ¼ cents to $6.11 and December Minneapolis added 2 cents to $6.50 ¼.
Soybeans were pressured by the wetter forecasts for Brazil, and weaker export demand. The export sales report showed bookings of US soybeans for the week ended Oct. 2 at 1.26 million tonnes, the lowest of the 2024-25 marketing year so far. US soybean production and ending stocks are seen slightly lower in tomorrow’s supply-demand update. November beans fell 5 ½ cents to $10.14 ¾, and January lost 5 ½ cents to $10.31 ½.
Rain in the forecast for Brazil also weighed on corn, as did the losses in wheat. Weekly export sales of 1.22 million tonnes were in the middle of trade expectations. US corn production and ending stocks are expected to be trimmed from September in tomorrow’s supply-demand report. December dropped 2 ½ cents to $4.18 ½, and March was 1 ¾ cents lower at $4.36 ¼.
