Corn is weaker at midday on rain prospects in South America and favorable conditions for US harvest.
Weekly export sales came in above expectations at 66 mb. Year-to-date commitments are 14% ahead of last year at 647 mb.
Yesterday’s EIA data showed corn used for ethanol at 102.41 mb which is still behind the average needed pace of 104.55 mb to hit the USDA’s corn usage number.
Soybeans are getting pulled lower by meal after a delay in the EU’s deforestation policy was announced, trending lower at midday on chances of rain in Brazil and weaker meal prices.
Weekly export sales came in at 53 mb, which was in line with expectations. Year-to-date commitments now total 696 mb, 3% ahead of last year.
Market participants continue to monitor the weather forecast in South America which shows rainfall in Brazil next week.
All three wheat contracts are continuing to see a pullback at midday after December contracts tested the 200-day moving average.
Weekly export sales came in above expectations at 16 mb. Year-to-date commitments total 427 mb, up 23% from last year.
SovEcon lowered their Russian wheat export forecast from 48.1 mmt to 47.6 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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