Corn is trading slightly higher at midday after export sales announcements beat expectations.
Weekly export sales for corn came in above expectations at 68 mb. Year-to-date commitments total 1.346 bb, which is 33% higher than a year ago.
South American crop production remains favorable. Brazil’s Parana state agency reported that 95% of the corn crop is rated as good.
LSEG raised their Brazil corn production number slightly to 126.7 mmt which is just below the USDA’s 127 mmt projection.
Soybeans remain higher at midday, getting support from strong export sales announcements.
Weekly export sales for soybeans came in at the upper end of expectations at 85 mb. Year-to-date commitments total 1.330 bb, which is 12% ahead of last year’s pace.
Deral announced that crop conditions in Brazil continue to remain favorable with 92% of the Parana state crop rated as good.
All three wheat contracts are higher at midday on reports of poor Russian winter wheat crop ratings. Winter wheat ratings in the country are 31% good, which is well below last year’s rating of 74%.
Weekly export sales for wheat came in at 14 mb, which was in line with expectations. Year-to-date commitments total 571 mb, which is 19% better than last year.
Ukraine’s July-December wheat exports reached 9 mmt, which is up over 50% from last year.
LSEG made changes to their world wheat outlook. They increased Chinese production 1% to 141.6 mmt while also raising Australia’s wheat production 5% to 30.9 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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