Corn is trading lower this morning due to general pressure in the grain complex from a decline in the stock market along with lower crude oil. Corn has now taken back a portion of yesterday’s rally.
Estimates for today’s export sales report see corn sales in a range between 1,000k and 2,000k tons with an average guess of 1,481k tons. This would compare to 2,186k last week and 1,216k a year ago.
Concerns over delayed U.S. corn planting and potentially reduced final acreage are providing price support. Meanwhile, Brazilian farmers have increased cash corn sales, and Argentina is set to raise its export tax.
Soybeans are trading lower this morning led by a sharp loss in soybean oil as it follows crude oil prices lower. July soybeans have taken back some of yesterday’s gains but remain above the 100-day moving average. Soybean meal is trading higher.
Estimates for today’s export sales report see soybean sales in a range between 250k and 700k tons with an average guess of 438k tons. This would compare to 773k a week ago and 345k a year ago.
Both crude and soybean oil are trading lower on rumors that OPEC will once again increase crude oil production, and concerns that EPA production obligations for biofuel will be lower than previously hoped.
All three classes of wheat are trading lower along with the rest of the grain complex following a strong rally over the last three consecutive days. At yesterday’s high, wheat had gained 50 cents off of the low from last week.
Estimates for today’s export sales report see wheat sales in a range between 150k and 800k tons with an average guess of 516k tons. This would compare to 805k last week and 243k a year ago.
Rainfall forecasts of 3 to 5 inches over the next seven days for Missouri and southern Illinois are influencing the market, but the longer term forecast shows hot and dry weather over the next month.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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