Corn is slightly lower at midday after trading higher earlier with support from solid export sales that were within expectations. Earlier this morning, the May contract rallied above its 50-day moving average before backing off.
For the week ending March 14, the USDA reported an increase of 46.7 mb of corn export sales for 23/24. This was within the range of trade expectations and puts year to date commitments up 19% from a year ago.
Last week’s export shipments of 60.2 mb were well above the 45.9 mb needed each week to meet the USDA’s export estimates. Primary destinations were to Mexico, Japan, and Taiwan.
Next Thursday, the Quarterly Stocks and Acreage report will be released, and traders will be looking at estimated corn acres. Corn acres are estimated at 92.25 million acres and stocks are estimated at 8.390 billion.
Soybeans are trading lower today with bear spreading noted as the front months trade weaker relative to the deferred contracts. Prices have backed significantly off their earlier morning highs which saw May as much as 18 cents higher.
Today’s export sales report showed an increase of 18.2 mb of soybean export sales for 23/24 which was within the range of trade expectations. Soybean sales commitments are down 19% from a year ago.
Last week’s export shipments of 28.4 mb were above the 15.9 mb needed each week to meet the USDA’s expectations. Primary destinations were to China, Mexico, and Indonesia.
Argentina has been receiving too much rain in some of its soybean growing areas which could damage the crop and lend support to soybean meal prices.
Wheat is mixed this morning with Chicago and KC mostly lower but Minneapolis slightly higher. There has been little friendly news, but dryness in the US Plains and Black Sea region have been supportive.
Today’s export sales report showed a decrease of 4.0 mb in wheat export sales for 23/24 and an increase of 10.5 mb for 24/25. This was in line with trade expectations and puts total commitments up 3% from last year.
Last week’s export shipments of 14.5 mb were below the 17.9 mb needed each week to meet the USDA’s estimates. Primary destinations were to Mexico, South Korea, and China.
Overnight, Egypt’s GASC purchased 110,000 metric tons of wheat and bought one cargo each of Bulgarian and Romanian wheat.
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