Corn prices continue to trade lower at midday after the USDA was seen increasing corn acres and ending stocks.
The USDA estimates that 25/26 corn acres are at 94 million, up from 90.6 million acres this season. Ending stocks are seen at 1.965 billion bushels, above trade expectations and well above the 1.540 billion bushels last season.
Weekly export sales for corn came in at the low end of trade expectations at 36 mb. Old Crop commitments total 1.916 billion bushels, up 28% from last year.
Soybeans are finding support at midday after the Outlook Forum showed soybean acres and ending stocks falling for the 25/26 season.
The USDA pegs soybean acres at 84 million for the 25/26 season which is below last season’s 87 million acres. Ending stocks are seen at 320 mb, well below the current season’s 380 mb.
Weekly export sales for soybeans totaled 15 mb, which were in line with expectations. Year-to-date commitments total 1.622 billion bushels, up 14% from a year ago.
Wheat prices are sliding lower at midday after wheat acres and ending stocks were seen increasing for the 25/26 season.
The USDA increased the all-wheat acreage number for the 25/26 season from 46.1 million acres to 47 million acres. Ending stocks were seen increasing to 826 mb, up from the current estimate of 794 mb.
Weekly export sales for wheat came in at the low end of expectations at 10 mb. Year-to-date commitments total 733 mb, up 10% from last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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