The corn market is trading higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year.
The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.
The corn market is trading higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year. The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.
The wheat complex is mostly higher at midday, with Chicago and KC contracts remaining firm, while Minneapolis contracts trade mixed. Overnight strength faded quickly following the day session opening at 8:30 AM CDT, leading to choppy, two-sided trade with prices fluctuating on both sides of unchanged as the complex appears to consolidate heading into the weekend.
Argentina’s 24/25 wheat harvest has begun according to the Buenos Aires Grain Exchange. 7.7% of the country’s anticipated 18.6 million metric tons of wheat have been harvested. Last year, Argentina produced 15.1 mmt.
Ukraine’s grain harvest is estimated to be 91.2% complete, according to the country’s ag ministry, harvesting a total of 48 million metric tons. Of that total, 22.3 mmt is wheat, which already exceeds the ministry’s forecast of 22 mmt.
Ukraine’s agriculture ministry reported that October grain exports rose 58.6% from last year, reaching 3.95 mmt compared to 2.49 mmt. October wheat exports totaled 1.64 mmt, bringing the season’s total to 7.7 mmt as of November 1 for the 24/25 marketing year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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