Corn prices continue to bounce higher at midday after closing near the 200-day moving average yesterday. Production cuts in South America are also boosting prices today.
Weekly corn export sales totaled 38 mb which were in line with trade expectations. Year-to-date commitments sit at 1.990 billion bushels, up 25% from last year.
The Rosario Grain Exchange cut their corn production estimate for Argentina to 44.5 mmt. Well below the USDA’s current estimate of 50 mmt.
Strategie grains has raised their EU corn production estimate for 25/26 to 60 mmt, up 1.9 mmt from last season.
Soybean futures continue to trend higher at midday on support from production cuts in South America.
Weekly soybean export sales came in above expectations at 29 mb. Year-to-date commitments total 1.656 billion bushels, up 14% from a year ago.
The Rosario Grain Exchange lowered their soybean production estimate for Argentina by 1 mmt to 46.5 mmt.
Wheat prices continue to firm at midday on concerns over inland hurricanes which are expected for much of the Plains and Midwest states this weekend.
Weekly wheat export sales totaled 31 mb which was above trade expectations. Year-to-date commitments total 775 mb, up 14% from last year.
IKAR has lowered their Russian wheat export forecast from 42.5 mmt to 40 mmt.
There is yet to be a cease fire agreement between Russia and Ukraine. Recent reports state Russia has continued to advance in Ukraine before an agreement is reached.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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