Corn is falling at midday on limited market news. Managed money traders look to keep the market supported on breaks after adding to their long position yesterday.
USDA confirmed a sale of 170,400 mt of US corn to Mexico for delivery in 24/25.
The French farm ministry raised their corn production estimate from 14.62 mmt last month to 15.00 mmt this month.
Soybeans remain weaker at midday on favorable weather conditions in South America. The March contract pushed to new contract lows at $9.7250.
USDA confirmed two soybean sales for delivery in 24/25. Spain took 187,000 mt while 132,000 mt were sold to unknown destinations.
Yesterday’s NOPA report showed members crushed 193.185 mb of soybeans. This was below average trade estimates but still the highest on record for November.
Soyoil stocks increased to 1.084 billion pounds, up from 1.074 billion pounds in October but remain at 10-year lows for the month.
The wheat complex is mostly higher led by the KC contracts though all three classes are trading off their session highs, with Chicago trading closer to session lows.
Wheat is finding support from lower production numbers in Russia and quality concerns in the EU, but World buyers are slow to buy due to their low currency values.
Russia’s State Statistics Service Rosstat, stated that the country’s grain reserves dropped 21% year-over-year as of Dec. 1, with its wheat reserves falling 24.6% to 18.7 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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