Corn is trading higher today following good export sales and is also likely gaining support from short covering as the month comes to a close.
For the week ending November 23, the USDA reported an increase of 75.9 million bushels of corn export sales for 23/24. This was on the higher end of analyst expectations and 33% higher than a year ago.
Last week’s corn export shipments of 19.7 mb were below the 43.8 mb needed each week to meet the USDA’s estimates, and primary destinations were to Mexico, Colombia, and Panama.
According to the U.S. Department of Energy’s weekly report, ethanol stocks fell by 1.3% to 21.379m bbl and analysts were expecting 21.575. Plant production was slightly lower than the average guess.
Soybeans are trading lower today under pressure from both soybean meal and oil along with better rain chances in South America.
For the week ending November 23, 2023, the USDA reported an increase of 69.6 million bushels of soybean export sales, which were above the upper range of expectations but still down 17% from the previous year.
Last week’s export shipments of 54.3 mb were above the 28.8 mb needed each week to achieve the USDA’s estimates for 23/24. Primary destinations were to China, Mexico, and Vietnam.
Soybeans have been supported lately due to very tight ending stocks and a growing market for renewable diesel as well as good domestic crush demand.
All three wheat classes are trading higher today with March gaining about 38 cents from the contract low that was put in early this week as funds short cover into the end of the month.
For the week ending November 23, the USDA reported an increase of 22.9 million bushels of wheat export sales for 2023-24 and an increase of 0.4 mb for 2024-25. Exports were slightly better than expectations but down 6% from last year.
Last week’s export shipments of 12.5 mb were below the 15.1 mb needed each week to achieve the USDA’s estimates, and primary destinations were to the Philippines, Mexico, and Taiwan.
Yesterday, the CME announced 100 deliveries of December KC wheat and 1,347 deliveries of December Chicago wheat. No deliveries were reported for corn.
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