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10-23 Midday: Grains Remain Higher at Midday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn prices are higher at midday as December corn futures push to their highest level in a month at $4.25-1/2. March futures are up 1-1/2 cents to $4.37-1/4.
  • Ethanol daily production came in at 1.112 mbpd for the week ending October 17 with weekly production totaling 7.784 million barrels. Ethanol stocks were seen declining to their lowest level in nearly a year at 21.919 million barrels.
  • According to LSEG, October weather in South America has been beneficial to planting progress, but rains will be needed to help the crop advance with 20% of the growing area under drought.
  • Bloomberg estimates export sales for corn range between 800k and 1,600k for the week ending October 16. The average guess came in at 1,275k tons, which would compare to 4,184k tons a year ago.

  • Soybeans are trading higher at midday, supported by US officials meeting with China in Malaysia this week. November soybeans are up 4-1/2 cents to $10.39-1/4, while March futures are up 6-1/2 cents to $10.56-1/2.
  • Abiove has raised their soybean production estimate for Brazil to 178.5 mmt. If realized this would be up from 171.8 mmt last season. The group also increased the country’s total exports from 109.5 mmt last year to 111 mmt this year.
  • Bloomberg estimated that soybean export sales for the week ending October 16 are between 700k and 2,000k tons. The average guess is 1,200k tons, which compares to 2,088k tons for the same week last year.
  • Wheat is finding strength at midday on support from the US and EU placing additional sanctions on Russia to help force a cease-fire with Ukraine. December Chicago is up 4-1/2 cents to $5.08-1/4, December KC is 6-1/2 cents higher to $4.95-00, and December Minneapolis is trading 4-3/4 higher to $5.25-00.
  • US prices remain competitive for export demand, which is helping to keep some level of support under wheat prices.
  • Weekly export sales for wheat are estimated between 350k tons and 750k tons according to a Bloomberg survey. The average guess is 563k tons, which compares to 533k ton through the same week a year ago.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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