Corn futures are mixed to start the day with the front months trading slightly lower while December 2025 corn trades slightly higher. Apart from a good batch of flash sales yesterday morning, there has not been much news in corn which has caused it to follow wheat lower.
Yesterday, the USDA said that 401,357 mt of corn was sold to Mexico for 24/25, and another 290,820 mt were sold to unknown destinations. It will be important to find out if unknown means China.
Estimates for today’s ethanol report are between 1.065 and 1.106 million barrels per day which would be another strong week and point to good domestic demand.
Soybeans are trading slightly higher but are also quiet this morning with small gains that have backed off higher overnight prices. Commodities have been under pressure since the dollar began sharply rallying after Donald Trump was announced as the next president. Soybean meal is lower while soybean oil is higher.
In Argentina, improved soil moisture levels have caused farmers to increase their planted soybean area to 17.9 million hectares which is up 1.1% from last month. Planting is reportedly 20% complete, and production estimates are around 53 mmt.
While soybean oil is higher this morning, it has reversed significantly off its highs after Trump announced pick Lee Zeldin, who is not a supporter of renewable energies, to head the EPA.
Wheat is mixed this morning with the Chicago and KC contracts trading lower while Minneapolis is slightly higher. Rainfall in the southern Plains has been the main bearish factor but has opened the door to new technical selling.
In France, the outlook for wheat exports has been cut to 9.9 mmt from 10.03 mmt the previous month after seeing a decline in non-EU sakes. These exports would be 40.5% lower than the previous season.
In India, wheat production for 25/26 has been revised slightly lower to 112.4 mmt due to a decline in yield estimates in key northern producing states with warmer weather.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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