Corn is trading lower at midday, after closing higher for five days in a row. Perhaps today is a correction. However, there could also be concern that Friday’s WASDE report will bring little change to the corn carryout, keeping it over 2.1 bb.
There are rumors that China may have switched up to 10 cargoes of Brazilian corn to the US.
Continued rain in the southern region of Brazil may limit production on their first corn crop in that area and could lead to a reduction from the 129 mmt crop on this week’s report.
Despite some of the logistic issues on rivers and at the Panama Canal, Brazil has still managed to export a record amount of corn in November.
Private exporters reported sales of 136,000 mt of soybeans for delivery to China during the 23/24 marketing year.
There are rumors that China purchased an additional 3-4 cargoes of US soybeans for the January / February timeframe.
Central Brazil looks like it will receive more consistent rain starting on Friday, and the rain could benefit their soybean crop in some of the drier areas.
This Friday’s WASDE report could see a revision higher for the Argentina soybean crop from the last estimate of 48.0 mmt due to conditions turning more favorable.
This morning, the USDA reported private exporter’s sales totaling 372,000 mt of SRW wheat for delivery to China during the 23/24 marketing year.
March Chicago wheat is currently trading above the 100 day moving average. A close above would be the first time since the end of July.
Egypt is reported to have purchased wheat from Russia and Ukraine overnight.
Drought in the southwestern US Plains is a concern as winter wheat heads into dormancy, but conditions are better than they were at the same time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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