Corn futures closed little changed on Thursday, ahead of the USDA’s monthly supply-demand update. Soybeans and wheat managed gains.
Corn remained weighed down by rising US production prospects, despite good export demand. This morning’s USDA weekly export sales report showed old-crop bookings of American corn for the week ended July 3 at 1.26 million tonnes, well above trade expectations. New-crop bookings of 888,562 tonnes also topped trade ideas. Meanwhile, Brazilian government agency Conab estimated the country’s 2024-25 corn crop at 131.97 million tonnes, up 3.72 million from last month. Ahead of tomorrow’s USDA report, to be released at the noon hour EST, traders and analysts are expecting reductions in both US old- and new-crop corn ending stocks estimates compared to June. September corn was steady at $3.99 ¼, and December gained a penny to $4.16 ½.
For soybeans, old-crop weekly export sales for the week ended July 3 came in at just over 503,000 tonnes, within trade expectations. New-crop business, at 248,400 tonnes, was also within the range of trade expectations. Friday’s USDA report is expected by the trade to show a small increase in old- and new-crop US soybean ending stocks from June. August beans gained 3 ½ cents to $10.12 ½, and November added 6 ½ cents to $10.13 ¾.
Weekly export sales for 2025-26 wheat were reported this morning at 567,823 tonnes, at the high end of trade guesses. Meanwhile, the USDA report is expected to show a minor reduction in 2025-26 US wheat ending stocks versus June. September Chicago was 7 ½ cents higher at $5.54 ½, September Kansas City climbed 10 ¾ cents to $5.34 ¾, and September Chicago spring wheat added 5 ¼ cents to $6.02 ¼.
