The corn market has rebounded off its lows from overnight and is trading near session highs, as it gains support from higher soybeans and wheat.
The USDA released its weekly export sales report this morning, showing 51.77 mb (1,315,100 mt) were sold in the week ending November 7, for the 24/25 marketing year, as expected. This was down 53% from the previous week and 52% below the 4-week average.
Consultancy firm Safras & Mercado raised its estimate for Brazilian corn production by 1 mmt, to 134.8 mmt, 7% higher than last year’s production, due primarily to increased planted area.
Soybeans are higher at midday, trading near session highs and back above the $10 mark in the January contract, supported by higher meal and sharply higher soybean oil, which rebounded off trendline support.
The USDA stated in its weekly export sales report that 57.15 mb (1,555,400 mt) of soybeans were sold in the week ending November 7, for the 24/25 marketing year. The print was in line with expectations, and down 24% from the week prior and the 4-week average.
The monthly NOPA crush report will be released later today. The trade expects total crush for October to be a record 196.843 mb, with soybean oil stocks rising for the first time in seven months to 1.09 billion pounds.
Soybean planting is progressing well according to the Buenos Aires Grain Exchange, with 20% of the crop planted. Total estimated area for soybeans remains at 18.6 m hectares (46m acres).
The wheat complex has rebounded from overnight lows and is trading near session highs across all three classes, led by the Chicago contracts.
The USDA reported that 14 mb (381,100 mt) of wheat were sold in the week ending November 7, for the 24/25 marketing year, in line with expectations. While the total was 1% than the previous week, it was 17% below the 4-week average.
Ukraine’s grain harvest is estimated to be 95.7% complete at 52.1 mmt, according to the Ag Ministry, with 22.4 mmt being wheat. The Ministry also reported that Ukraine’s year over year wheat exports for the season that began July 1, reached 8.3 mmt, a 60% increase from the same time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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