Strong export sales announcements led to bullish momentum at midday. December corn looks for a fourth day in a row of higher trading.
Weekly export sales for corn came in above expectations at 165 mb. Year-to-date commitments are now at 924 mb, which is up 34% from a year ago.
USDA announced private corn export sales this morning of 228k mt to Japan and 165k mt to unknown destinations for delivery in 24/25.
Ethanol production for the week ending October 18th came in at 1.081 mbpd, up 3.9% from a year ago.
Soybeans are mixed at midday after a positive start to the session. The November contract traded above the 50-day moving average for the first time in 10 days before running into resistance.
Weekly export sales for soybeans came in at 79 mb, which was in line with expectations. Year-to-date commitments now total 882 mb, which is up 8% from last year.
USDA announced private soybean export sales of 198k mt to unknown destinations for delivery in 24/25.
The USDA’s Brazilian attaché estimates Brazil’s soybean crop at 161 mmt.
All three wheat contracts are trending lower at midday on a strong dollar and potential rainfall in the Plains states.
Weekly export sales for wheat were in line with expectations at 20 mb. Year-to-date commitments total 481 mb, which is up 18% from a year ago.
The London Stock Exchange Group raised their Argentine wheat production estimate 2% to 17.5 mmt.
The USDA’s Australian attaché forecast Australia’s wheat production at 28.5 mmt. This would be down 1.9 mmt from the 10-year average.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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