Corn is trading slightly higher at midday with May futures hovering right at the 40-day moving average. Chinese corn imports are expected to fall by 3 mmt this year due to an expected increase in Chinese production by 7 mmt.
For the week ending March 28, the USDA reported an increase of 37.4 million bushels of corn export sales for 23/24 and an increase of 0.4 mb for the 24/25 marketing year. Corn sales commitments are now up 18% from last year.
Last week’s export shipments of 64.6 mb were well above the 45.1 mb needed each week to meet the USDA’s export expectations. Primary destinations were to Mexico, Japan, and Canada.
Soybeans are trading lower today with pressure from soybean oil which is over 1.50% lower for the day. This morning, the USDA reported that 152,404 mt of soybeans were sold to Mexico for the 23/24 marketing year which added some support to prices that were lower earlier this morning.
This morning, the USDA reported an increase of just 7.1 mb of soybean export sales for 23/24 which was below the lower end of trade estimates. Soybeans sales commitments are now down 19% from last year. Brazil’s ongoing harvest and cheaper soybeans have caused US exports to remain sluggish.
Last week’s export shipments were 20.2 mb and were above the 14.9 mb needed each week to meet the USDA’s export expectations. Primary destinations were to China, Mexico, and the Netherlands.
Wheat is mixed at midday with Chicago trading lower but KC and Minneapolis higher. This morning, there were reports that the Russian government had halted exports from one of their largest export firms as there have been complaints regarding quality from importers.
Today’s export sales report showed an increase of just 0.6 mb of wheat export sales for 23/24 and an increase of 9.6 mb for 24/25. The sales for 23/24 were below the range of trade guesses while the 24/25 sales were above the estimates. Wheat shipments are now down 6% from last year.
Last week’s export shipments of 19.0 mb were above the 18.6 mb needed each week to meet the USDA’s estimate of 710 mb for 23/24. Primary destinations were to China, Thailand, and the Philippines.
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