Corn is trading unchanged to slightly higher in quiet trade, with support from higher soybean prices. This morning, December corn made a new two year low at $4.61.
This morning, private exporters reported a flash sale of 143,637 metric tons of corn for delivery to Mexico during the 23/24 marketing year. Exports have been slow, and most sales have been to Mexico.
In Brazil, the northern regions remain hot and dry with temperatures expected to rise. This will likely cause replanting of soybeans, which would delay safrinha corn planting.
Domestically, ethanol margins are very profitable despite prices falling to two-year lows. Export demand for corn would be very poor without the business from Mexico.
Soybeans are trading sharply higher near midday, after gapping higher on Sunday night’s open and receiving support from a rally in soybean meal that has the December contract at new contract highs. Soybean oil is slightly lower despite higher crude oil.
Due to Brazil’s hot and dry weather, it is being estimated that 20-25% of the soybean crop will need to be replanted, which would also have implications for corn plantings.
This morning, private exporters reported a flash sale of 204,000 metric tons of soybeans for delivery to China during the 2023/2024 marketing year.
The USDA announced over 100 million bushels of soybean sales last week, which were mainly to China in a big turnaround from the low exports a few months ago.
All three wheat products are trading lower despite sharply higher soybeans and higher corn as the lack of export sales weighs on prices.
According to the Buenos Aires Grain Exchange, the 23/24 wheat crop production is still at 15.4 mmt, but harvest has advanced to 14.4% complete, versus 9.3% last week.
In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years.
While Russia has been dominating global exports, last week their FOB values moved higher by $5-$7/mt in a sign that global prices may be increasing.
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.
Corn is trading unchanged to slightly higher in quiet trade, with support from higher soybean prices. This morning, December corn made a new two year low at $4.61.
This morning, private exporters reported a flash sale of 143,637 metric tons of corn for delivery to Mexico during the 23/24 marketing year. Exports have been slow, and most sales have been to Mexico.
In Brazil, the northern regions remain hot and dry with temperatures expected to rise. This will likely cause replanting of soybeans, which would delay safrinha corn planting.
Domestically, ethanol margins are very profitable despite prices falling to two-year lows. Export demand for corn would be very poor without the business from Mexico.
Soybeans are trading sharply higher near midday, after gapping higher on Sunday night’s open and receiving support from a rally in soybean meal that has the December contract at new contract highs. Soybean oil is slightly lower despite higher crude oil.
Due to Brazil’s hot and dry weather, it is being estimated that 20-25% of the soybean crop will need to be replanted, which would also have implications for corn plantings.
This morning, private exporters reported a flash sale of 204,000 metric tons of soybeans for delivery to China during the 2023/2024 marketing year.
The USDA announced over 100 million bushels of soybean sales last week, which were mainly to China in a big turnaround from the low exports a few months ago.
All three wheat products are trading lower despite sharply higher soybeans and higher corn as the lack of export sales weighs on prices.
According to the Buenos Aires Grain Exchange, the 23/24 wheat crop production is still at 15.4 mmt, but harvest has advanced to 14.4% complete, versus 9.3% last week.
In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years.
While Russia has been dominating global exports, last week their FOB values moved higher by $5-$7/mt in a sign that global prices may be increasing.
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.
