The corn market is trading higher at midday as the December contract trades back above the 50-day moving average, with support coming from both higher wheat and soybeans.
Export demand continues to remain strong with the USDA reporting flash sales by private exporters totaling nearly 500,000 mt tons this morning for delivery during the 24/25 marketing year. Of that total, 169,926 mt were for Mexico, 130,000 mt for South Korea, and 198,192 were for unknown destinations.
Friday’s Commitment of Traders report indicated that managed funds sold a whopping 63,259 corn futures contracts in the week ending Tuesday, Oct. 15, ending their buying spree over the last few weeks. As of Oct. 15, managed funds were net short just under 87,000 contracts of corn.
AgRural reported that corn planting in Brazil’s center-south region stands at 48% complete, compared to 46% last year.
Soybeans held Thursday and Friday’s lows and are trading at the upper end of the daily range at midday as they attempt to recover from oversold conditions as soybean harvest begins to wind down. Soybean meal and oil are both higher, with bean oil leading the way.
The USDA reported flash export sales by private exporters totaling 380,000 metric tons to be delivered to unknown destinations during the 24/25 marketing year.
The CFTC’s Commitment of Traders report released Friday showed that managed funds were net short 40,341 soybean futures contracts as of Tuesday, Oct. 15 after net selling 18,543 contracts of soybeans.
AgRural reported that Brazil’s soybean crop is 18% planted, which compares to 30% complete by this time last year. Planting in the key state of Mato Grosso is reported to be 25% complete, versus 60% last year, and the 5-year average of 44%.
The wheat complex is trading higher across the board today, though off the daily highs, as all three futures classes hold support above Friday’s lows and maintain overnight strength.
Managed funds were less active in the wheat than they were in the corn and soybean markets. As of Tuesday, Oct. 15, they bought a net 3,436 Chicago wheat futures contracts, bringing their net short position in Chicago wheat down to 26,013 contracts.
Growing conditions in much of the southern Plains remain dry and showers that moved through over the weekend were less than anticipated, giving a boost the wheat markets today as more will be needed to replenish soil moisture.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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