Corn is trading slightly lower this morning after four consecutive higher closes. The trend this week has shown prices lower in the morning followed by a rebound later in the day, and corn remains well off its contract lows.
The CME reported just 3 deliveries against the March corn contract yesterday evening which hasn’t had much effect on trade unlike yesterday’s large amount of deliveries against soybeans.
The Buenos Aires Grain Exchange has kept its estimates for Argentinian corn production unchanged at 56.5 mmt as favorable weather improves crop conditions.
Soybeans are trading higher today but remain rangebound and only slightly off their contract lows. Favorable South American weather and significantly cheaper cash offers out of Brazil have pressured futures.
Yesterday evening, the CME reported 502 deliveries against March soybeans along with 1 delivery against March soybean meal and 37 deliveries against March soybean oil. Futures are higher despite this.
As in corn, Argentina has left its estimate for soybean production unchanged at 52.5 mmt which would be more than double last year’s production. 72.2% of the Argentine crop is rated adequate to optimal.
All three wheat classes are trading lower this morning with the majority of losses in the KC wheat contract. Overall, wheat prices remain relatively rangebound and off their contract lows.
The CME reported that there were 116 deliveries against March Chicago wheat yesterday evening, 10 against March KC wheat, and 2 against March Minn wheat. This was relatively light considering these low prices.
Yesterday’s export sales showed total sales for 23/24 up 6% from the previous year but shipments down 11%. China had been an active buyer of US wheat a few months ago but there has been little activity since then.
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