Soybean futures on the Chicago Board of Trade fell on Thursday, driven by harvest pressure. The U.S. Department of Agriculture reported that export sales of U.S. soybeans for the current year dropped by nine percent during the week ended Oct. 22, totaling nearly 2.58 million tonnes. Despite the decline, sales were close to the higher end of market estimates. Soymeal export sales reached 347,500 tonnes, aligning with trade predictions, while soyoil sales exceeded expectations at 11,600 tonnes.
Corn futures also declined on Thursday, following the downward trend of soybeans. The USDA reported corn export sales of over 1.3 million tonnes, which fell within the mid-range of pre-report expectations. Analysts suggest that Brazil may increase its safrinha corn production for the 2026-27 season due to the rapid planting of the country’s soybean crop.
In contrast, wheat futures rose on Thursday, recovering from recent lows. U.S. wheat export sales for the 2026-27 marketing year reached nearly 850,000 tonnes, marking a marketing year high and surpassing trade estimates. Sales for the 2027-28 wheat crop amounted to 22,000 tonnes. Reports indicated that COFCO from China expressed interest in importing U.S. soft red winter wheat. Additionally, Russia granted clearance for vessels leaving the Sea of Azov on Tuesday.