Corn is trading lower to start the day and overnight got only 3 cents within the low earlier this month at $4.42-1/2 ahead of the planting intentions report in which traders are expecting a large acreage number.
Yesterday’s export sales report was on the light side for corn but came in within trade expectations. 1,040k tons of corn were sold which compares to 1,558k last week and 1,333k last year. Top destinations were to Japan, Mexico, and Colombia.
Estimates for the planting intentions report on Monday see corn acres at 94.4 million with a range between 92.5 and 96.6 million. This compares to the USDA’s outlook forum at 94.0 ma and 90.6 ma planted last year.
Soybeans are trading lower to start the day in overall risk-off trade across the grain market. Despite trading lower today, prices are near the top of their recent range following yesterday’s double digit gains. Both soybean meal and oil are trading lower.
According to Agroconsult, the Brazilian soybean crop is seen at 172.1 mmt after their crop tour. This would be an increase from their estimate last month of 171.3 mmt.
Estimates for the planting intentions report for soybeans see acreage at 83.8 million with a range between 82.5 and 85.5 ma. This would compare to the Outlook Forum’s guess of 84.0 ma and last year’s plantings of 87.1 ma.
All three wheat classes are trading lower this morning with May Chicago wheat making new contract lows overnight. The potential maritime ceasefire between Ukraine and Russia has pressured wheat futures.
Yesterday’s export sales in wheat of 111.5k tons were on the lower end of analyst estimates and compare to 242.3k last week and 552.4k last year. Primary destinations were to Japan, Nigeria, and the Philippines.
Estimates for Monday’s Planting Intentions report see wheat acres at 46.5 million with a range between 45.4 and 47.1 million. This would compare to 46.1 million acres last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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