Corn continues to trend weaker at midday on an increasing US dollar and weaker wheat market.
Weekly corn export sales came in at 46.2 mb, which was in line with expectations. Year-to-date commitments total 1.429 billion bushels.
Estimates for Brazil’s corn crop vary from one group to another, but most forecasts remain above the USDA’s 127 mmt. Investment group Patria estimates Brazil’s corn crop at 129.27 mmt while LSEG estimates the crop at 127.3 mmt.
China’s Sino grain announced they will restrict sales on auction out of their corn reserves due to corn futures in China trading at contract lows.
The soy complex continues to strengthen at midday after yesterday’s sharp pullback. March soybeans are bouncing off contract lows but remain about 44 cents off the 50-day moving average.
Weekly soybean export sales came in at 52 mb, which was in line with expectations. Year-to-date commitments total 1.422 billion bushels.
The USDA confirmed the sale of 227,200 mt of US soybeans for delivery to unknown destinations. The sale will be split for delivery in 24/25 and 25/26.
Investment group, Patria, estimates Brazil’s soybean crop at 170.41 mmt versus the USDA’s 169 mmt estimate.
All three wheat classes continue to weaken at midday on a stronger dollar and recent increases to global wheat production estimates.
Weekly export sales for wheat came in at 16.8 mb, which was in line with expectations. Year-to-date commitments total 593 mb.
Strategie Grains has raised their EU SRW wheat production estimate to 126.6 mmt for 25/26, compared to 114.2 mmt last year.
According to India’s Food Secretary, the country does not see a need to import wheat despite high domestic prices in the country. However, with the break this week, there have been several tenders this week between Thailand, Tunisia, South Korea, and Algeria.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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