Corn continues to trade lower at midday ahead of tomorrow’s WASDE report.
Weekly export sales for corn came in at 48 mb which was in line with expectations. Year-to-date commitments are up 15% from last year at 695 mb.
Ethanol production for the week ending October 4 was up 2.3% from a week ago at 1.038 mb. Ethanol stocks came in at the lowest level since December 2023 at 22.154 mb.
Dry conditions over the next 10 days across the Corn Belt will keep harvest advancing quickly.
Soybeans remain weaker at midday on increasing chances of rainfall in Brazil.
Weekly export sales for soybeans came in at 47 mb which was in line with expectations. Year-to-date commitments are up 4% from last year at 740 mb.
There continues to be chatter that China is buying soybeans from both the US and Brazil despite economy concerns.
The Brazilian President announced a new plan yesterday to increase soybean oil usage in biodiesel production over the next 5 years. The goal is to bring the blend percentage from 15% to 20% by 2030.
The wheat complex continues to stay elevated at midday on dry conditions in growing areas of Russia and Ukraine.
Weekly export sales for wheat came in at 16 mb which was in line with expectations. Year-to-date commitments are up 19% from last year at 443 mb.
Rosario Grain Exchange lowered their production estimate for Argentine wheat by 1 mmt to 19.5 mmt.
Russia continues to attack Ukraine’s port infrastructure in the Odessa region which is helping to support the wheat complex.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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