Corn futures are mixed to start the day with the front months slightly lower and new crop slightly higher. For the week, May corn is set to gain 10 cents which would take back the losses of last week.
Yesterday’s export sales report for corn was supportive at 1,558k tons sold which compared to 980.7 a week ago and 1,185k tons a year ago at this time. The top buyers were Japan, South Korea, and Mexico.
There have been rumors that Brazil has booked US corn for import which has been supportive as well, but if this is true it is not completely uncommon as they will sometimes purchase between 1.5 and 3.0 mmt per season.
Soybeans are unchanged to slightly lower to start the day in quiet trade across the grain complex. For the week, May futures are set to lose 2 cents which would make the fourth consecutive week of losses. Soybean meal is slightly higher while bean oil is lower.
Yesterday’s export sales were disappointing for soybeans with just 352.7k tons sold which was below the average trade estimates. This compared to 794.8k last week and 494.3k tons a year ago. Primary destinations were to China, Taiwan, and Saudi Arabia.
A large grain exchange in Argentina has cut their estimate for the soybean production estimate by 1 million tons as a result of drought conditions. Estimates are now at 48.6 mmt.
All three wheat classes are trading higher in their front months but slightly lower in the deferred contracts. May Chicago wheat is set to make a small gain on the week following a 5-3/4 cent gain last week.
Yesterday’s export sales report was poor for wheat sales at only 242.3k tons which was well below estimates and last week’s 866k but higher than a year ago at 176.3k tons. Top destinations were to Guatemala, Vietnam, and Mexico.
US 2025 all-wheat acres could reach 46.6 million (up from 46.0 million last year). March 1 stocks are expected to be around 1,225 million bushels (up from 1,089 million last year). There’s also a chance of rain in Kansas.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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