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1-26 Midday: Grains Start the Week Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • March corn futures are down 2-1/2 cents at midday Monday currently trading at 428.
  • Friday’s corn export sales were the strongest since March 2021, totaling more than 157 million bushels, as global end users took advantage of the recent price break to secure coverage. Total corn export commitments are now running 34% ahead of the 2024/25 marketing year.
  • Second-crop corn planting in Brazil is approximately 8% complete. AgRural released an updated production estimate this morning, projecting Brazilian corn output at 136.6 MMT, slightly higher than its previous forecast.

  • Soybean futures are slightly lower to start the week; March futures are currently down 4 cents near 1064.
  • Soybean harvest in Mato Grosso, Brazil’s largest producing state, reached 14% complete, compared with 4% last year, marking a record-fast harvest pace.
  • U.S. soybean export sales were strong last week at 89.9 mb, and recent sales to China have narrowed the gap, with U.S. soybean commitments now running 22% below last year, an improvement from earlier weeks.
  • Weather forecasts continue to call for below-normal precipitation across much of Argentina’s agricultural regions over the next 10 days. Crop conditions have declined in recent weeks, with further deterioration likely if the forecast verifies.
  • Wheat futures are pulling back Monday after a strong finish to last week. March CBOT wheat futures are down 6-1/2 cents currently at 523. March KCBOT wheat is down 8-1/2 cents currently at 532-1/4. March spring wheat is down 2-3/4 cents at 572-1/4 currently.
  • Recent bouts of bitter cold across the U.S. Plains may have caused some winterkill in the winter wheat crop. While snowfall following the cold snap will improve soil moisture, some crop damage may have already occurred.
  • Wheat exports from both Russia and Ukraine have slowed. Russia’s January wheat exports declined to 3.4 MMT from 4.6 MMT in December, while Ukraine’s crop-year exports are running 2.2 MMT below last year, largely due to disruptions from ongoing Russian attacks.

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