Corn reverses higher at midday after a sluggish opening thanks to strong weekly export sales. December corn trades just above the 50-day moving average at 411.
Weekly corn export sales came in at 92 million bushels, which was in line with expectations. Year-to-date commitments are at 1.017 bb and 41% higher than a year ago.
SovEcon slightly raised their Russian corn export number from 2.2 million metric tons to 2.4 mmt.
Daily ethanol production for the week ending October 25 averaged 1.082, which was 2.9% better than the same week last year.
Soybeans remain higher at midday on strong export sales announcements and US harvest nearing the finish line.
Weekly soybean export sales came in at a new marketing year high of 84 million bushels. Year-to-date commitments total 965 mb, which is 13% higher than a year ago.
Conab estimates soybean acres in Brazil to be 2.8% larger than previously reported.
Weather in South America remains favorable for their crop production which could limit upside momentum.
All three wheat contracts continue to trade lower at midday on overnight rainfall and increased chances of precipitation for the Plains states over the weekend.
Weekly wheat export sales came in at 15 million bushels, in line with expectations. Year-to-date commitments total 496 mb, which is 19% better than a year ago.
SovEcon lowered their Russian wheat export estimate from 47.2 million metric tons to 45.5 mmt.
Conab has said that Brazilian wheat harvest is 56% complete.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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