Corn futures looked to bounce back higher after opening lower but strong price increases over the past two days have caused a slight pullback today.
AgResource slightly lowered their estimate for Brazil’s 24/25 corn crop from 123.56 mmt to 122.39 mmt.
Taiwan’s MFIG purchasing group announced an international tender for 65,000 mt of animal feed corn. The corn can be sourced from the US, Argentina, Brazil, or South Africa.
Soybeans are weaker at midday after two strong trading days in a row. Slow harvest pace in Brazil could keep support under the market on breaks.
AgRural estimates that soybean harvest in Brazil is 0.3% done as of January 9th. This compares to 2.3% completed the same week last year.
The USDA confirmed the sale of 198,000 mt of US soybeans to China for delivery in 24/25.
All three wheat classes reversed higher at midday as the dollar backs off a 26-month high.
IKAR estimates Russian wheat exports for January were down 3.8% from December at 2.2-2.5 mmt. This is the lowest monthly exports for the month of January since 2019.
Subzero temperatures are expected for much of the plains states this weekend and into next week.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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