Corn is trading higher this morning and have come back from lower prices in overnight trade. Good export demand has kept prices supported despite the lack of Chinese buying. Forecasts show wetter weather in the Corn Belt over the weekend.
Estimates for the EIA report see ethanol production lower than last week at 1.004m b/d compared to 1.021m last week. Stockpiles are estimated lower at 26.803m bbl compared to 27.034m a week ago.
In Ukraine, 25/26 corn production could increase significantly from the previous year to 27.9 mmt. This would be up 14% and would be due to increases in harvested area and an increase in baseline yields.
Soybeans are trading higher to start the day with support from both soybean meal and oil. Overnight, futures dropped nearly 10 cents to the 50-day moving average before recovering.
NOPA soybean crush for March was seen at 194.55 million bushels and was below the average estimate of 197.43 mb. This was third straight month that crush declined and compared to 196.40 mb in March last year.
Brazilian soybean exports are seen at 14.5 mmt for the month of April which compares to a previous estimate of 13.3 mmt. At this point, China is buying virtually all of its soybeans from Brazil and basically none from the US.
All three wheat classes are trading higher this morning and have recovered from lower prices overnight. Futures have trended lower over the past few days on wetter forecasts in HRW wheat areas, but US wheat remains one of the cheapest in the world.
In Argentina, a bumper wheat harvest could reportedly hit a record if the export tax cuts are extended. The Buenos Aires Grain Exchange is forecasting the second largest wheat production ever for the country.
The US dollar is down sharply and is now at levels not seen since April 2022 which makes US wheat more affordable for importing countries.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
