Corn is expected to open unchanged this morning in very quiet trade following Thanksgiving and remains in a tight range between $4.75 and $4.95 for March.
The USDA is scheduled to release its export sales report today and estimates for corn are between 800k tons and 1,150k tons with an average guess of 950k.
U.S. ethanol stocks rose by 3.3% to 21.652m bbl which was higher than analyst expectations of 21.104. Plant production was 1.023m b/d, above the average guess of 1.053m.
Argentina has fared better than Brazil this season concerning rain amounts with 67% of the planted area showing normal soil moisture and 75% of the crop rated “optimal”.
Soybeans are expected to be unchanged this morning along with corn. Soybean meal and soybean oil are also called to be unchanged.
Estimates for today’s export sales report see soybeans between 900k and 1,300k tons for the week ending November 16 with the average guess at 1,108k tons.
As moisture levels have improved in Argentina, the soy crop is reportedly in good shape with one third of the seasons estimated soybeans now planted.
While many estimates for Brazils soy crop have stayed steady or even risen, some consulting firm are starting to bring estimates lower with Agroconsult revising their estimate down by 7.6 mmt to 161.6 mmt.
All three wheat contracts are expected to open unchanged to lower along with the rest of the grain complex. European wheat markets traded lower over the past two days which could pressure U.S. prices.
China’s COFCO imported Canadian durum wheat for the first time with the intention of processing it into flour. China typically imports finished flour and pasta.
Russia has approved a grain export quota from February 15 to June 30 in which it expects to export 24 mmt of grain.
Russia has also decided to ban durum wheat exports as of December 1 in an effort to protect their domestic market and increase the supply of their products.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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