Corn futures are trading higher this morning ahead of the weekend and have taken back most of the losses earlier in the week. Strong export demand has been supportive over the past two days.
Yesterday’s export sales report was good for corn with 1,153k tons which compared to 1,572k tons last week. Top buyers were Japan, South Korea, and Mexico.
The Buenos Aires Grain Exchange updated their crop progress showing that corn is now 29.7% harvested which was barely up from last week’s 28% completion. Production estimates remain unchanged at 49.0 mmt.
Soybeans are trading higher this morning and are above the 200-day moving average after breaking out of their bull flag formation yesterday. Gains in soybean oil have led beans higher while bean meal is lower.
Yesterday’s export sales report for soybeans was on the poor side at just 276.9k tons which compared to 736.6k a week ago. Top destinations were to Mexico, the Netherlands, and unknown destinations.
Brazil is expected to export more soy to China and other countries in Europe, the Middle East, and Asia amid the trade war between the US and China. Brazil’s estimated soybean production is nearly 170 mmt.
All three wheat classes are trading higher this morning with Minneapolis wheat leading the way followed by KC. May Chicago wheat is set to lose around 15 cents on the week at this point and was pressured by poor exports.
Yesterday’s export sales report saw net cancellations for 24/25 and sales of 277k tons for new crop. This was significantly below last week’s sales. Primary destinations were to Japan, Vietnam, and Nigeria.
In Ukraine, planting pace for wheat has slowed by 17% as a result of cold weather compared to last year at this time.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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