Corn is fractionally higher as it consolidates from yesterday’s bullish key reversal in a very tight 1 1/2 cent range.
Strong weekly export sales that came in much better-than-expected supported yesterday’s rally. Total commitments are 33% ahead of last year.
Tuesday the USDA will update its supply and demand numbers. Early trade estimates project US corn carryout dropping 32 mb from last month to 1.906 bb.
Soybeans are trading mixed and near unchanged in a tight 4 1/2 – 5 1/2 cent range with solid demand supporting the front months over the deferred. Soybean oil is higher, while meal is lower.
Strong export sales and crush demand have helped support prices. Yesterday’s weekly export sales put total commitments 12% ahead of last year at 36.2 mmt.
Early trade estimates for next week’s USDA report have ending stocks dropping only slightly to 469 mb from 470 last month. Although some believe export sales will be increased, which could lower ending stocks further.
The wheat complex is trading quietly toward the bottom of their respective ranges as they consolidate from yesterday’s rally near trendline resistance.
Support in the wheat market has come from reports of lower Russian supplies due to poor crop conditions, and quality concerns regarding Australia’s wheat crop.
Early trade guesses for next week’s USDA report see US wheat carryout dropping 1 mb to 814 mb, with World wheat stocks increasing slightly to 257.7 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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