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10-24 Midday: Midday Grain Markets Drift Lower Ahead of Weekend

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures continued to push lower at midday as rapid harvest progress across the Midwest added slight pressure to the market. December corn is down at 4.24 ½.
  • Argentina’s corn planting is 34% complete, while France’s corn harvest has reached 75%—well ahead of the 63% average for this time of year.
  • The International Grains Council left its global crop outlook unchanged from last month but raised world corn stocks to 299 million tons, up from 294 million previously.
  • President Trump abruptly ended all trade talks with Canada overnight, sparking some concern in the markets.

  • Soybeans traded lower at midday Friday as U.S.–China discussions in Malaysia were set to begin, paving the way for the upcoming Trump–Xi meeting and adding to headline risk ahead of the weekend. Soybeans and soybean oil are lower, while soybean meal is posting slight gains. November soybeans are down at 10.42 ¾.
  • China confirmed President Xi’s attendance at the APEC summit this morning, easing some uncertainty surrounding the planned Trump–Xi meeting.
  • Rumors circulated yesterday that China may have been buying U.S. soybeans, but weaker Gulf bids suggested a lack of significant demand.
  • The International Grains Council offered some supportive news for the soybean market, cutting its estimate of global soybean stocks to 79 million tons from 83 million in the previous report.
  • Wheat markets trade higher at midday following yesterday’s positive rally, with slight pressure stemming from President Trump’s decision to cancel trade talks with Canada. December wheat is up at 5.14 ½.
  • Tough new sanctions on Russia were implemented by the U.S. and the EU, providing some market support yesterday. While the sanctions primarily target Russia’s oil industry, transportation disruptions due to fuel shortages are likely to worsen.
  • Unconfirmed rumors circulated yesterday that China was showing interest in wheat from Argentina and the EU, possibly due to heavy rains affecting parts of China.
  • The International Grains Council projects global wheat stocks to rise to 275 million tons, up from 270 million tons in the previous month.

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

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