Corn trades higher at midday. March futures have now traded above the 200-day moving average for the first time since May.
Brazil’s corn exports are expected to total 4.1 mmt for the month of December according to ANEC. This was unchanged from their previous estimate.
Weather conditions in Argentina remain favorable but could see some dryness in the southeast portion of the country over the next 10 days.
Soybeans are seeing double digit gains at midday after the Brazilian real trades higher. The two have been positively correlated recently.
Conab reported that Brazil is expected to export 105.5 mmt of soybeans in the 24/25 season. Through November of this year, the country’s soybean exports total 96.8 mmt, which is down 46% from the previous period.
Brazil’s weather forecasts continue to show rainfall which will keep conditions favorable for the soybean crop.
All three wheat classes are higher at midday after Russia increased missile attacks on Ukraine’s energy grid yesterday.
Israel has reported that over 40 square kilometers of wheat sown in November has been destroyed due to drought.
Western Plains states will lean drier over the next week while the Eastern half could receive up to 2 inches of rain.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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