Corn futures are weaker at midday on improving South America production prospects.
Weekly export sales announcements for corn came in above expectations at 112 mb. Year-to-date commitments now total 1.040 bb, up 48% from a year ago.
South Dakota voters failed to pass a proposal to allow a carbon capture pipeline run through the state which will hamper the ethanol industry.
Algeria announced a tender for 240,000 mt of corn this morning.
Friday’s WASDE report is expected to show corn yields unchanged from last month at 183.8 bpa. Ending stocks are expected to be lowered slightly to 1,946 mb.
Soybeans are firmer at midday on strong export sales announcements.
Weekly export sales announcements for soybeans came in at 75 mb. Year-to-date commitments now total 1.040 bb, up 17% from a year ago.
Brazil’s October soybean exports were down 1.4 mmt from September to October at 4.71 mmt.
There is some chatter that China could be looking to shift soybean demand from US to Brazil.
Friday’s WASDE report is expected to show soybean yields being lowered from 53.1 bpa last month to 52.8 bpa.
Wheat is weaker at midday on rainfall in key growing parts of the US.
Weekly export sales announcements for wheat came in at 14 mb. Year-to-date commitments now total 510 mb, up 18% from a year ago.
London Stock Exchange Group has raised their Argentine wheat production number to 18.20 mmt.
Russia’s Prime Minister has lowered Russia’s total grain crop from 130 mmt to 128 mmt.
Friday’s WASDE report is expected to show US ending stocks slightly raised from 812 mb last month to 813 mb this month.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
