Corn is trading slightly higher to start the day but the March contract has still been unable to hit the 5-dollar mark. Yesterday, futures got as high as $4.98-1/2.
Estimates for today’s export sales report see corn sales in a range between 850k and 1,500k tons with an average guess of 1,133k. This would compare to last week’s 1,404k and 1,219k tons the previous year.
The next two months of weather will be crucial for Brazil’s second-crop corn. A delayed soybean harvest has slowed corn planting, with CONAB reporting just 5.3% complete to start the week, compared to 19.8% last year.
Soybeans are higher this morning and are taking back a portion of yesterday’s losses. Fundamentals are largely unchanged from yesterday with harvest ongoing in Brazil but delayed, so this move may be a technical recovery. Both soybean meal and oil are trading higher.
Estimates for today’s export sales report see soybean sales in a range between 300k and 1,100k tons with an average guess of 633k tons. This would compare to 443k last week and 350k tons the previous year.
Continued moisture and normal to below-normal temperatures have limited soybean harvest opportunities in Brazil. CONAB reported yesterday that harvest was only 8% done to start the week compared 14% last year.
All three wheat classes are trading higher to start the day with Chicago wheat posting the larger gains. March Chicago wheat is managing to hold just above the 100-day moving average. It is encouraging to see wheat trade higher with the US dollar higher as well.
Strong harvests reported in both Argentina and Australia could lessen the worry of potential reductions in world wheat production due to recent cold snaps in Russia and the U.S.
Estimates for today’s export sales report see wheat sales in a range between 200k and 550k tons with an average guess of 350k tons. This would compare to 480k last week and 387k the previous year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
