Corn is trading slightly higher this morning after prices reversed yesterday afternoon and closed lower. The 10-day weather forecast is showing multiple systems moving through the Corn Belt, but the coverage may not be as heavy as previously thought.
The continuation of wet weather throughout this week will likely lead to more planting delays, and although work is getting done in some areas, this Monday’s crop progress report will likely still show planting pace behind the 5-year average.
Estimates for today’s corn export sales are in a range between 700k and 1,200k tons with the average guess at 903k. This would compare to 938k tons a week ago.
Soybeans are trading a bit higher this morning after posting losses yesterday as a result of a disappointing NOPA crush report. Soybean meal is slightly lower this morning while soybean oil is higher.
Yesterday, private exporters reported a sale of 180,000 mt of soybeans for delivery to unknown destinations. While not guaranteed, unknown is often China, and this would be encouraging given the fear of retaliation for the new tariffs.
Estimates for today’s export sales report show soybean sales in a range between 300k and 800k tons with the average guess at 495k tons. This would be slightly above last week’s 434k tons.
All three wheat classes are trading higher this morning with KC wheat leading the way and all wheat contracts well above their 200-day moving averages. Weather issues in Russia have been supportive.
Consultancy group Cefetra has lowered its estimate for the Russian wheat crop to 86 mmt citing unseasonable frosts and inclement weather. This is a 7 mmt cut from the companies previous estimates. They see exports at 46.1 mmt but have the potential to fall if weather does not improve.
Estimates for today’s export sales report have wheat sales in a range between 150k and 600k tons with the average guess being 373k tons. This would compare to last week’s 447k tons.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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