Corn is trading higher to start the day on momentum from yesterday’s recovery trade. Futures have now taken back all of Wednesday’s losses over the past two days.
Yesterday’s export sales report was good with 46.2 mb of new sales commitments reported. The top buyer was Mexico with 395k tons, and total shipments combined with outstanding sales now cover 57.8% of the USDA’s total export estimate.
The Buenos Aires Grain Exchange updated its corn planting progress for Argentina which now sees the corn crop at 65.8% planted compared to 55.6% planted last week.
Soybeans are trading higher this morning, and the January contract has now made back all of Wednesday’s losses apart from 5 cents over the past two days. Soybean meal is leading the complex higher while soybean oil is lower.
In Argentina, the Buenos Aires Grain Exchange has reported that 76.6% of the soybean crop has been planted which compares to 65.7% last week. Total planted area is at 18.6 million hectares.
Yesterday’s export sales report saw soybean sales running at a good clip and were within the average range of trade estimates. China was the top buyer at 648k tons.
All three wheat classes are trading higher with Minneapolis wheat leading the way and KC wheat following. Chicago wheat put in a new contract low yesterday with a sharp jump in the dollar.
Yesterday’s export sales report was within trade expectations but was nothing exciting at 16.8 million bushels of sales and the Philippines the top buyer of wheat.
SovEcon has cut its estimate for the Russian wheat crop to the lowest level since 2021 at 78.7 mmt which is a decline of 3 mmt. Cuts in Russian production could be a catalyst for higher wheat futures.
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