Corn trades higher at midday, supported by yesterday’s export sales announcements and by December corn holding above the 50-day moving average.
Monday’s Crop Progress report showed corn harvest at 81% complete compared to 65% last week and the 5-year average of 64%.
Yesterday, the USDA confirmed export sales of 124,000 mt of US corn to Japan and 120,000 mt of US corn to unknown.
AgRural estimates that Brazil has 52% of its corn crop planted which is slightly behind last year’s pace of 53% planted at this time.
Soybeans are lower at midday as ag giants, Bunge and Cargill announce slowdowns in soybean buying as they wait for more policy guidance for biofuels.
Monday’s Crop Progress report showed soybean harvest at 89% complete compared to 81% last week and the 5-year average of 78%.
South American weather forecasts remain favorable for their crop production which could pose some bearish risk in soybeans.
All three wheat contracts are higher at midday on drier weather and a poorly rated winter wheat crop.
Monday’s Crop Progress report showed that 80% of the winter wheat crop has been planted with only 38% of the crop rated good-to-excellent.
Ukraine says their winter wheat sowing is 90.2% complete while their July-September exports are near double last year’s pace.
Foreign agriculture groups range Russian wheat prices between $232-$240 per metric ton.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
