Corn is trading slightly higher today but has slipped from the earlier morning highs. The lower US Dollar along with strong export sales have been supportive.
For the week ending December 7, 2023, the USDA reported an increase of 55.8 mb of corn export sales for 23/24. This was up 36% from the previous year.
Last week’s export shipments of 33.5 mb were below the 45.1 mb needed each week to achieve the USDA’s export estimate of 2.100 bb for the 23/24 marketing year. Primary destinations were to Mexico, Colombia, and China.
Yesterday’s report from the Energy Department showed last week’s ethanol production at 1.074 million bpd, a strong pace that shows good demand.
Soybeans are trading higher today along with the rest of the grain complex thanks to good export sales and temporarily hot and dry weather in Brazil. Soybean meal has turned lower for the day, while soybean oil is higher.
For the week ending December 7, 2023, the USDA reported an increase of 39.8 mb of soybean export sales for 23/24 which was down 23% from the previous week and down 20% from the previous year.
Last week’s export shipments of 42.6 mb were well above the 27.7 mb needed each week to meet the USDA’s estimates of 1.755 bb for 23/24. Primary destinations were to China, Germany, and unknown destinations.
In more friendly demand news, private exporters reported a flash sale this morning of 400,000 tons of soybeans to unknown destinations for 23/24.
This morning, all three wheat classes were trading higher, but prices have slipped and are now mixed with just Chicago and Minn wheat higher and KC lower.
Export sales were the strongest seen in wheat in a long time at 54.8 mb for 23/24 and an increase of 0.7 mb for 24/25. This was a marketing year high and up 3% from the previous year.
Last week’s export shipments of 10.6 mb were below the 16.4 mb needed each week to achieve the USDA’s export estimate of 725 mb for 23/24. Primary destinations were to Japan, Mexico, and the Philippines.
The Argentinian wheat crop is now expected to increase by 7.4% to 14.5 mmt after recent beneficial rains. This is up from the last guess at 13.5 mmt, and harvest is 57% complete.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
