Chicago crop futures continued to decline on Thursday, although the losses were more modest compared to the last couple of days.
The wheat market remained under seasonal harvest pressure, with a disappointing weekly export sales report from the USDA adding to the downside. The report showed bookings of US wheat for the week ended June 19 at just 255,208 million tonnes, falling below the low end of pre-report trade guesses. Rising global production estimates overhung the wheat market as well. The International Grains Council today raised its estimate of the 2025-26 global wheat crop to 808 million tonnes, up 2 million from May. September Chicago was down 7 ¾ cents at $5.36 ¾, July Kansas City lost 5 ½ cents to $5.33 ¾, and July Minneapolis slipped 2 ½ cents to $6.25 ½.
Corn saw modest losses, with good Midwest weather still a bearish influence. The export sales report was mixed, with old-crop bookings of 741,226 tonnes in the middle of trade expectations, and new-crop bookings of 305,506 at the top of expectations. September corn eased a penny to $4.04, and December dipped 1 ½ cents to $4.21.
Export sales for soybeans were mixed as well. Old-crop sales of 402,931 tonnes fell within trade guesses but new-crop sales of 156,153 exceeded expectations and were the third highest of the marketing year so far. August beans fell 1 ¾ cents to $10.27 ¾, and November lost 2 cents to $10.16 ½.
