Soybean futures continued to push higher on Friday, hitting a 2-month high as the previous day’s positive weekly export sales report offered continued support. Corn and wheat finished mixed on the day.
The USDA’s weekly export sales report on Thursday showed bookings of US new-crop soybeans for the week ended Aug. 14 at just over 2 million tonnes, more than double the high end of trade expectations. Soy futures posted double-digit gains in response to the report, with the market adding to the advances today. Hopes that China may buy US beans also supported, although the Asian giant has been absent from the 2025-26 American market so far. September beans were up 2 cents at $10.36 ½, and November gained 2 ½ cents to $10.58 ½.
The export sales report was also positive for corn, although expectations of a massive US harvest this fall remained a negative price influence. Due mainly to the larger American crop, the International Grains Council on Thursday raised its 2025-26 world corn production estimate by a hefty 23 million tonnes from July to a record 1.299 billion. September corn managed a 1-cent gain to $3.88 ¼, but December fell a ¼ cent to $4.11 ½.
Wheat traded to both sides of unchanged during the day but settled mainly lower amid heavy global supplies. September Chicago dipped 2 ¼ cents to $5.04 ¾, and December Kansas City lost 5 ¼ cents to $4.98. September Hard Red Spring fell 3 ½ cents to $5.37 but September Minneapolis added a ¼ cent to $5.69 ½.
