Despite the report of another flash sale of corn this morning, the corn market continues chop sideways in a rather tight 3 ½ cent range in the December contract as it consolidates from this week’s rally.
This morning the USDA reported a new private export sale of corn totaling 100,000 metric tons for delivery to unknown destinations for the 24/25 marketing year. This marks the sixth consecutive day the USDA has reported flash sales of corn, highlighting the fact that demand remains solid for US corn.
According to Anec, Brazil’s corn exports are projected to increase slightly to 6.24 million metric tons this month, up from 6.22 million metric tons in the previous report.
The soybean market is trading mid-range and off its overnight lows as it garners support from flash sales reported this morning, totaling 389,000 metric tons. Meanwhile, soybean meal and oil remain lower at midday.
The USDA reported new private export sales totaling 130,000 metric tons of soybeans for delivery to China during the 24/25 marketing year and 259,000 mt of soybeans for delivery to unknown destinations for the current 24/25 marketing year.
There are thoughts circulating suggesting that US soybean exporters are hurrying to ship this year’s soybeans before the upcoming US presidential election, driven by concerns over possible policy shifts. This urgency has helped push US soybean export premiums to their highest levels in 14 months.
Anec has revised its October soybean export forecast for Brazil to 4.63 million metric tons, slightly higher than its previous estimate of 4.34 million metric tons.
All three classes in the wheat complex are trading near the tops of their respective ranges at midday after finding buying support near yesterday’s lows.
As of October 20, the EU’s soft wheat exports for the season starting July 1 have declined 31% year-over-year, dropping to 7.02 million metric tons from 10.2 million last year, according to the European Commission.
Ukraine’s agriculture ministry reported that winter crop planting is ahead of last year, with approximately 5.4 million hectares planted so far. This includes 3.8 million hectares of winter wheat, compared to 3.46 million at the same time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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