Corn is trading slightly higher this morning after a pullback yesterday, but March futures have been consolidating over the past week and could be primed for another move higher. There is a gap on the chart from December 2023 at $5.13-3/4.
Yesterday’s export sales were strong for corn at 1,024k tons which compared to 445k tons the previous week. Primary destinations were to Japan, South Korea, and Mexico.
The Buenos Aires Grain Exchange released its new estimates for the 24/25 corn crop with 6.6 million hectares of corn planted which was below last year’s 7.9m. 95.1% of the crop is reportedly planted.
Soybeans are trading higher this morning after losing nearly 24 cents in the March contract but now seem to have found some support at the 100-day moving average. Both soybean meal and oil are trading higher this morning as well.
Yesterday’s export sales report was solid for soybeans as well with sales of 569k tons falling in line with the average trade estimates. Primary destinations were to China, Bangladesh, and Mexico.
Estimates for Brazilian soybean production has been increased by Agroconsult to 172.4 mmt which would be an 11% increase from last season. This compares with the USDA at 169 mmt and CONAB at 166 mmt.
Wheat is mixed to start the day with both Chicago and KC wheat trading lower while Minneapolis wheat is up 3 cents. While the dollar slid yesterday, it is up today and could be pressuring the wheat market.
Yesterday’s export sales for wheat rose to 522k tons which was above the average trade guess and compared to 111k tons the previous week. Primary destinations were to South Korea, Taiwan, and unknown destinations.
Cofco, China’s largest state-run crop trader has had to resell two cargoes of imported wheat due to Beijing extending curbs of foreign purchases in order to improve the domestic industry. The Australian wheat was resold to Indonesia and Thailand.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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