Glacier FarmMedia – Despite weak export sales, WHEAT futures made gains on Thursday, clawing back heavy losses on Wednesday.
The United States Department of Agriculture reported 23,500 tonnes of old crop wheat, a marketing-year low, were sold for export during the week ended March 26, down 51 per cent from the week before and well below pre-report trade estimates. Meanwhile, 272,800 tonnes of new crop wheat were sold, near the higher end of trade expectations.
U.S. Census data said 1.94 million tonnes of wheat were exported in February, a six-year high for the month.
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CORN prices were lower for the fifth session in their last six.
The USDA reported 1.149 million tonnes of old crop corn were sold for export last week, down eight per cent from the week before but within trade expectations. In addition, 102,600 tonnes of new crop corn were also sold, exceeding trade guesses.
There were 6.77 million tonnes of U.S. corn exported in February, a record high for the month.
The USDA said the February corn grind was at 424.8 million bushels, up 0.7 per cent from last year. Corn used for ethanol so far this marketing year totalled 2.744 billion bushels, down seven million from last year.
Bloomberg reported that China purchased Argentine corn for the first time in 15 years.
StoneX raised its estimate for Brazil’s first corn crop 1.5 per cent to 27.2 million tonnes but trimmed its safrinha corn crop forecast by 0.7 per cent to 106 million. The firm projected Brazil’s overall 2025-26 corn production at 135.7 million tonnes, down 2.9 per cent from the year before.
SOYBEANS were down for the second consecutive day but remained in their trading ranges.
Export sales of old crop U.S. soybeans were 353,300 tonnes last week, within trade estimates and down 49 per cent from the previous week. There were no new crop export sales.
There were 377,200 tonnes of old crop U.S. soymeal sold for export, within trade expectations and down 40 per cent from the week before.
Old crop U.S. soyoil export sales totalled 1,100 tonnes last week, near the lower end of trade expectations and up 53 per cent from the previous week.
A total of 4.195 million tonnes of U.S. soybeans were exported in February, up 34.6 per cent from a year ago. There were also 1.37 million tonnes of soymeal and 71,814 tonnes of soyoil shipped.
The USDA reported 214.2 million bushels of soybeans were crushed in the month of February, up 13 per cent from last year but down six per cent from January. The average daily crush of 7.65 million bushels was an all-time record. The crush for the first half of the marketing year was 1.334 billion bushels, up 8.3 per cent from last year.
StoneX increased its estimate for Brazil’s soybean harvest 1.1 per cent to 179.7 million tonnes.
