The corn market is trading higher and near the top of its range as it follows through on yesterday’s strength with support from fresh export sales reported earlier today.
The USDA reported this morning that private exporters sold 200,480 metric tons of corn for delivery to unknown destinations for the 24/25 marketing year.
Today’s WASDE report is expected to show corn yields lowered slightly from last month to 183.7 bpa. Ending stocks for 24/25 are also expected to be lowered a little to 1.946 billion bushels from 1.999 bb last month.
Thursday the USDA released baseline projections for next year’s 25/26 corn crop, estimating planted acres at 92 million, with an ending stocks figure of 2.269 billion bushels.
Corn plantings in Argentina are projected to cover 6.3 million hectares (15.6 m acres) this year, down from 7.9 m hectares planted last year. The Exchange also estimates that the crop is 37% planted.
Soybeans are lower at midday and trading near session lows after failing to hold above the 50-day moving average. Soybean meal is also trading lower and near the bottom of its range, while soybean oil is mixed with December showing small losses, with the deferred months slightly higher.
Earlier today, the USDA reported that private exporters sold a total of 239,000 metric tons of soybeans to be delivered during the 24/25 marketing year. Of that total, 107,000 mt were sold to China, while 132,000 mt were sold to unknown destinations.
Today’s WASDE report is expected to show soybean yields being lowered from 53.1 bpa last month to 52.9 bpa, along with a drop in projected 24/25 soybean ending stocks from 550 million bushels to 535 mb.
Thursday the USDA released baseline projections for next year’s 25/26 soybean crop, estimating planted acres at 85 million, with ending stocks at 515 million bushels.
The Buenos Aires Grain Exchange expects Argentina’s soybean plantings to cover 18.6 million hectares (46m acres), down from 19 m hectares last year. The Exchange also estimates that soybean planting is 7.9% complete.
The wheat complex is trading near the upper end of the day’s range across all three classes as they continue to consolidate ahead of today’s USDA report.
Today’s WASDE report is expected to show US 24/25 ending stocks increased slightly from 812 mb in October to 813 mb.
Thursday the USDA released baseline projections for the next year’s 25/26 wheat crop, estimating planted acres at 46 million, and ending stocks at 828 million bushels.
StoneX revised its projections for Brazil’s 2024 wheat crop down to 7.5 million metric tons from its previous estimate of 7.9 mmt.
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