Corn is trading slightly higher this morning as prices have remained in an overall uptrend since the lows were posted in August. Export sales have been firm which has provided support despite a large expected ending stocks number.
Yesterday’s export inspections report showed that 32.3 million bushels of corn were inspected which brought total inspections for the year up to 31.9% of last year. This is above the USDA’s forecast.
Corn has received support from the wheat complex which has rallied since the Biden administration approved the use of long range missiles by Ukraine into Russia. This could cause further escalation.
Soybeans are trading slightly lower this morning but have posted two consecutive days of double digit gains. Yesterday, soybean prices faltered in the middle of the day but ended higher thanks to a recovery in soybean oil which has been the main driver of prices. Soybean meal is higher this morning while soybean oil is slightly lower.
In Brazil, soybean planting for the 24/25 year is now 80% complete as of November 14. This compares to 67% a week ago and 68% a year ago. Weather in the country remains very conducive to the soybean crop.
Yesterday, three different flash sales were announced in soybeans with soybeans sent to Mexico, soybean cake and meal to the Philippines, and notably, soybean oil to India. Yesterday’s export inspections of 79.6 mb put the total number 9% above last year.
All three wheat classes are trading higher this morning as escalation between Ukraine and Russia seems to have bottomed out the wheat market for now. This morning, Putin issued nuclear threats after the US gave permission for Ukraine to send long range missiles into Russia.
Yesterday, the USDA released its crop progress report which showed the winter wheat good to excellent rating increasing to 49% which was above the trade estimate of 46%. This compares to 44% a week ago and 48% a year ago.
94% of the winter wheat crop is said to be planted which was just below the trade estimate of 95% and compares to 91% last week. 84% of the crop is emerged which compares to 76% the previous week.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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