CHICAGO: Chicago corn futures ticked up on Friday as export demand for US crops swelled and harvest pressure eased, analysts said. Soybean futures turned lower in choppy trading after rising earlier on US export sales. Wheat futures also eased as rains over dry regions of the US weighed on prices, though drought in the US Plains and poor Australian crop prospects provided a floor for prices. Strong export demand is underpinning soybean and corn futures as US farmers wrap up the largest harvests of some of the crops in history. Demand for US crops has increased after expectations for massive harvests pushed prices down.
The US Department of Agriculture confirmed private sales of 781,322 metric tons of US corn to Mexico, including 715,800 tons for delivery in the 2024/25 marketing year that began Sept. 1 and the remaining 65,532 tons for 2025/26.
The USDA confirmed private sales of 30,000 metric tons of US soyoil to India on Friday, as well as sales of 132,000 metric tons of US soybeans to China and another 198,000 tons to undisclosed destinations, all for delivery in the 2024/25 marketing year that began Sept. 1.
The most-active corn contract on the Chicago Board of Trade settled up 3-3/4 cents at $4.14-1/2 per bushel, settling down 0.18% for the week. Most-active soybeans lost 3/4 cent to $9.93-3/4 per bushel, and wheat settled down 2-1/2 cents at $5.68 per bushel, settling down 0.17% for the week.
After the close of trade, the US Department of Agriculture said 5.6 million short tons of US soybeans were crushed in September, below analyst expectations of 5.623 million tons.
The monthly processing pace rebounded from a nearly three-year low in August as farmers advanced a record US harvest. CBOT soyoil gained on spillover strength from crude oil and helped to support soybeans. “Soyoil is keeping the market afloat,” Brian Basting, analyst at Advance Trading, said, referring to the soy complex.
For wheat, rains hitting the US Plains are providing much-needed moisture to the region, though drought remains a concern.