Corn is higher to start the day in quiet Christmas eve trade. Prices remain near the high end of their recent trading range with March corn struggling to break $4.50.
The US inspected 44.2 million bushels of corn for export for the week ending December 19 according to the USDA’s weekly inspections report. This was slightly lower than last week and the previous year.
Basis levels in corn have begun to slip as higher futures have encouraged producers to make cash sales.
Soybeans are trading higher this morning to start today’s shortened holiday trade. Yesterday, prices were pressured we weaker Brazilian currency compared to the dollar. Both soybean meal and oil are trading higher.
Yesterday’s export inspections report was strong with 64.2 million bushels of soybeans inspected for export as of December 19. This exceeded last week’s inspections and the previous year’s.
While the majority of Brazil has seen very good weather, the southern part of the country along with Argentina may now be facing a period of dry weather which could be friendly for soybean meal prices.
Wheat is mixed to start the day with Chicago and KC slightly lower and Minneapolis higher. Prices were stronger yesterday as buyers take advantage of cheap US wheat.
Yesterday’s export inspections report saw 14.8 million bushels of wheat inspected for export and was primarily headed to Mexico, Indonesia, and Japan. Inspections were slightly above last week’s.
SovEcon has downgraded the 24/25 Russian wheat export forecast to 43.7 mmt from 44.1 mmt previously as a result of lower expected production.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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