Corn is trading slightly lower this morning after the March contract traded right up against the 200-day moving average yesterday before reversing lower. The last time corn traded at the 200-day way in May.
Estimates for today’s export sales report see corn sales in a range between 800k and 1,900k tons with an average guess of 1,369k tons. This would compare to 1,755k last week and 1,419k last year.
US ethanol stocks fell by 1.5% to 22.648m bbl, and analysts were expecting 23.227m bbl. Plant production came in at 1.078m b/d compared to trade guesses of 1.073m.
Soybeans are trading slightly higher this morning but remain in a firmly sideways trading pattern with little news to cause them to move. Both soybean meal and oil are mixed this morning and trading either side of unchanged.
Estimates for today’s export sales report see soybean sales in a range between 900k and 2,200k tons with an average guess of 1,713k tons. This would compare to 2,313k tons last week and 999k last year.
In India, the demand for vegetable oil in November surged to a 4-month high thanks to a strong festival season demand. Imports rose to 1.63 mmt which was up 10.4% from a month ago.
All three wheat classes are trading higher this morning with Chicago wheat leading the way higher. Wheat has been on a steady uptrend since making its contract lows on December 4 and has gained 25 cents from that low.
Estimates for today’s export sales report see wheat sales in a range between 250k and 600k tons with an average guess of 370k tons. This would compare to 378k last week and 1,509k the previous year.
In Argentina, estimates for the 24/25 wheat crop production have been increased by 0.5 mmt with over half the crop now harvested. Larger producer, Russia, may reportedly see cuts to their production which would be friendly.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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