U.S. grains: Corn ticks up on export demand, easing harvest pressure

Chicago | Reuters — Chicago corn futures ticked up on Friday as export demand for U.S. crops swelled and harvest pressure eased, analysts said.

Soybean futures turned lower in choppy trading after rising earlier on U.S. export sales. Wheat futures also eased as rains over dry regions of the U.S. weighed on prices, though drought in the U.S. Plains and poor Australian crop prospects provided a floor for prices.

Strong export demand is underpinning soybean and corn futures as U.S. farmers wrap up the largest harvests of some of the crops in history.

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Demand for U.S. crops has increased after expectations for massive harvests pushed prices down.

The U.S. Department of Agriculture confirmed private sales of 781,322 tonnes of U.S. corn to Mexico, including 715,800 tonnes 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 tonnes of U.S. soyoil to India on Friday, as well as sales of 132,000 tonnes of U.S. soybeans to China and another 198,000 tonnes to undisclosed destinations, all for delivery in the 2024/25 marketing year that began Sept. 1.

The most-active Dec 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 per cent for the week. Most-active Jan soybeans lost 3/4 cent to $9.93-3/4 per bushel, and Dec wheat settled down 2-1/2 cents at $5.68 per bushel, settling down 0.17 per cent for the week.

After the close of trade, the U.S. Department of Agriculture said 5.6 million short tons of U.S. 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 U.S. 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 U.S. Plains are providing much-needed moisture to the region, though drought remains a concern.

Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris