Corn has reversed slightly higher at midday on anticipation that the USDA will increase US exports while showing tighter world ending stocks in today’s WASDE report.
Safras announced that 2024 second crop corn sales in Center-South Brazil have reached 77.7% of the total expected production. This compares to the five-year average of 74.9% sold for the same period.
The Rosario Grain Exchange reported that early Argentine corn is 70% excellent. Favorable weather has helped to keep soil moisture levels adequate leading to less crop stress.
China was seen lowering their 24/25 corn production forecast by about 1% to 293.84 mmt.
Soybeans are trading higher at midday on what would appear to be profit taking ahead of what is expected to be a bearish WASDE report for the soy complex.
Both Argentine and Brazil soybean production is expected to increase along with world ending stocks which could pressure the market lower.
AgRural reported that Brazil soybean planting has reached 95% as of December 5. This compares to 91% from a week ago and 91% from the same week last year.
China was seen raising their 24/25 soybean production number from 20.54 mmt last month to 20.65 mmt this month.
All three wheat classes are higher at midday on anticipation of lower US ending stocks and a potential drop in Russian wheat production.
SovEcon announced they are considering lowering Russia’s wheat crop due to poor weather conditions. The current estimate for wheat production is 81.6 mmt.
The US weather outlook remains dry for the Plains states over the next 10 days, which will help to keep support under the market.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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