Corn is trading slightly lower this morning as it continues to slide after the March contract failed at the 200-day moving average on Wednesday.
Today is first notice day for December corn, and there were 723 total deliveries. Farmer selling has picked up with the recent rally.
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 lower this morning but remain in their narrow range with little fresh news. Yesterday’s export sales were disappointing, and Brazilian weather is conducive to the crop. Soybean meal is lower while bean oil is higher.
Today is first notice day for December meal and bean oil, and there were 2,521 deliveries against December meal and 782 deliveries against December bean oil.
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 KC leading the way higher. Yesterday’s export sales report was nothing exciting for wheat, but trade will more likely focus on global production.
It is first notice day for December wheat, and there have been 50 total deliveries against Chicago wheat and 164 total deliveries against KC wheat.
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.
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