Corn is weaker at midday on what appears to be profit taking after prices reached a new 8-month high yesterday.
Weekly export sales for corn came in at 54 mb which was in line with expectations. Year-to-date commitments are up 29% from last year at 1.704 bb.
Conab reported that safrinha planting is just 1.4% done compared to 10.3% complete at this time last year.
LSEG lowered their Brazil production estimate 1% to 126 mmt. This compares to the USDA which has Brazil corn production pegged at 127 mmt.
Soybeans are weaker at midday on poor export sales and lack of demand due to China’s golden week holiday.
Weekly export sales for soybeans were at the bottom end of expectations at 16 mb. Year-to-date commitments total 1.568 bb which is up 12% from last year.
Deral reported that Parana soybean harvest is 18% complete with yields trending slightly lower than originally estimated.
One of Brazil’s most important rail terminals in the Santos region, caught on fire this morning. The terminal receives up to 2,000 trucks per day. This could offer some support in the soy complex as more information is gathered.
Wheat is trending higher at midday on poor global weather and Russian drone attacks on Ukranian ports.
Weekly export sales for wheat were in line with expectations at 18 mb. Year-to-date commitments total 667 mb which is up 8% year-over-year.
Russia’s Agriculture Minister, Oksana Lut, said that 82% of the country’s winter wheat crop is in good or satisfactory condition.
SovEcon has lowered their Russian wheat export forecast nearly 1 mmt to 42.8 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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