Corn is trading slightly higher this morning, and while prices have traded relatively quietly over the past week, they have been in a steady uptrend from the August lows. Good demand has driven prices higher.
There have been rumors that South Korea was a buyer of corn at some point yesterday which supported the market, but the $4.30 price area has acted as a barrier in the December contract as the strong US dollar and lower shipping rates limit US corn in the global export market.
Estimates for today’s export sales report see corn sales in a range between 1,300k and 2,200k tons with an average guess of 1,544k. This would compare to 1,315k tons a week ago and 1,432k a year ago.
Soybeans are trading higher this morning after losses over the past two days that brought prices down to support levels. Soybean oil has been a main driver in soybean prices and is trading higher today while soybean meal is slightly lower.
There were rumors that China was in the market for US soybeans last night. Sino grain has remained an active buyer of US soybeans for February delivery which supported the market overnight.
Estimates for today’s export sales report see soybean sales in a range between 1,000k and 1,900k tons with an average guess of 1,331k tons. This would compare to 1,555k last week and 902k last year.
All three wheat classes are trading higher this morning as prices remain supported by the concerns of escalation in the war between Ukraine and Russia. This conflict could limit wheat flow from that region.
The gains in wheat futures could remain limited to an extent due to the improved weather in the HRW belt. Recent rains in the area have supported improving crop conditions.
Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 378k tons. This would compare to 380k tons last week and 197k tons last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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