Corn is trading higher near midday and appears to have made a temporary bottom last week with the May contract falling to 408 ¾ before rallying back on apparent short covering.
This morning, private exporters reported sales of 110,000 metric tons of corn for delivery to Taiwan during the 23/24 marketing year. This was the first flash sale reported in a while and comes as Brazil and Argentina are planting their corn crops.
Friday’s CFTC report showed that as of February 27, funds bought back 45,474 contracts of corn which reduced their net short position to 295,258 contracts.
Soybeans are trading sharply higher again today after 10 cents of gains on Friday. Soybeans appear to have put in a temporary bottom along with corn with some possible short covering by managed funds.
This morning, private exporters reported a flash sale of 126,000 metric tons of soybean cake and meal for delivery to unknown destinations. 30,000 mt of that total is for delivery during the 23/24 marketing year while the other 96,000 mt is for delivery during the 24/25 marketing year.
The Brazilian soybean harvest is now estimated at 46.05% completed which compares to 43.34% at this time last year. This Friday, the USDA will release its WASDE report and trade will look for changes in estimated production.
All three classes of wheat are trading higher near midday in a significant reversal from earlier this morning where prices were lower. Both Paris milling wheat and Chicago May wheat futures made new contract lows this morning before turning around.
With the 23/24 marketing season ending in June, US wheat export shipments are down 11% from last year. The USDA is forecasting 725 mb of wheat exports in 23/24 which is the lowest estimate in over 50 years.
In the US, winter wheat conditions are better than last year at this time, but certain parts of the country have dealt with strong winds and wildfires which are causing concerns for soil moisture levels.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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