Corn remains weaker at midday on improving weather conditions in South America and US harvest progressing rapidly.
December corn is trying to hold the $4 support level but a break below that level could see additional downside.
Ethanol production improved to 1.042 million barrels per day which was up from 1.038 million last week. There was 105 mb of corn used, bringing the total usage for the current marketing year to 609 mb.
Yesterday, the USDA announced a sale of 64 mb of corn to Mexico.
China’s corn harvest continues to progress quickly with 70% of the crop harvested.
Soybeans continue to push lower on rainfall in South America and growing open interest on the short side. November soybeans look to be trading lower for a sixth day in a row.
The possibility of tariffs if Trump is elected has soybeans on the defensive at midday.
EU members approved the deforestation rule delay by one year allowing for businesses to prepare.
China’s soybean harvest continues to move rapidly with an estimated 83% of the crop harvested.
All three wheat contracts are weaker at midday following corn and soybeans lower. Chicago wheat has given back yesterday’s gains trading back near the 576 level.
Russia has announced they will allow Kazakhstan to move grain through their country to reach importers while keeping the ban on imports from Kazakhstan.
FranceAgriMer lowered their forecast of French SRW stocks from 2.75 mmt to 2.50 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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