Corn is trading slightly lower this morning after trading in a quiet range overnight. Export sales have been supportive with a flash sale of corn to Japan earlier this week. Today’s export sales are expected to be good.
Yesterday’s weekly petroleum report sale ethanol stocks falling by 0.8% to 26.814m bbl compared to the average trade guess of 26.803m. Plant production came in at 1.012m b/d compared to the survey average of 1.004m.
Estimates for today’s export sales report see corn sales in a range between 800k and 1,800k tons with an average guess of 1,033k tons. This would compare to 1,022k last week and 566k tons a year ago.
Soybeans are trading higher this morning but have backed off from higher prices overnight. Soybeans have been unable to break significantly above the 200-day moving average which seems to be resistance. Soybean meal is trading higher while bean oil is lower.
The Buenos Aires Grain Exchange updated their crop progress report which shows 24/25 soybeans now 4.9% harvested which compares to 2.6% last week. Production is still estimated at 48.6 mmt.
Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 586k tons. This would compare to 172k last week and 749k a year ago.
All three wheat classes are trading higher today with KC wheat leading the way. Wheat remains in an upward trend after making new contract lows in March. The market is trading US weather more closely at this point.
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.
Estimates for today’s export sales report see wheat sales in a range between reductions of 100k tons and sales of 500k tons tons with an average guess of 217k tons. This would compare to 215k last week and 129k the previous year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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