Corn is trading higher to start the day as trade looks for another reduction in ending stocks today, but March futures have been unable to break above the 5-dollar mark with the high last week of $4.98.
Yesterday’s export inspections were firm for corn at 1,334k tons which compared to 1,253k tons last week and 892k a year ago. Top destinations were to Mexico, Japan, and South Korea.
The USDA will release its WASDE report today at 11am central, and early estimates see US corn ending stocks falling slightly to 1,527 mb despite a slight estimated increase in export demand. World ending stocks are expected to remain unchanged.
Soybeans are trading higher this morning ahead of the USDA report. March futures have been hovering near this level for the past month. Soybean meal is trading higher this morning while soybean oil is lower despite higher crude oil.
Brazil is reportedly 15% done with its 24/25 soybean harvest as of February 6. Prices in the country have been firm as strong export demand has kept supply limited.
Estimates for today’s WASDE report see US soybean ending stocks falling by 3 mb 378 mb but also see a potential increase in export demand. Global ending stocks are estimated to remain unchanged to slightly lower.
All three wheat classes are trading slightly higher this morning with Chicago wheat leading the way higher. March futures are now 58 cents off the contract lows from January.
Estimates for today’s WASDE report see US wheat ending stocks relatively unchanged along with world ending stocks. It is not expected to hold many surprises for wheat.
Yesterday’s export inspections for wheat were decent at 536k tons which compared to 253k tons the previous week and 408k a year ago. Primary destinations were to the Philippines, Dominican Republic, and Mexico.
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