Corn is mixed this morning with the front month slightly higher and the deferred months less than a penny lower in very quiet trade ahead of the holiday weekend.
Yesterday’s export sales were disappointing compared to last week at just 1,409k tons compared to 2,186k last week. The top buyers were Japan, Colombia, and Mexico.
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 slightly lower this morning as well and have backed off from overnight highs that saw July futures as much as 6 cents higher. Soybean meal is trading lower, but soybean oil is recovering from some of yesterday’s losses.
Yesterday’s export sales report saw soybean sales falling to 323k tons from the previous week’s sales of 773k tons. Top buyers were Mexico, unknown destinations, and Taiwan.
The Buenos Aires Grain Exchange released its weekly crop report which did not have an updated production number, it was kept at 50 mmt despite the recent flooding, but the bean crop is now said to be 74.3% harvested.
Wheat is mixed to start the day with Chicago and KC trading slightly lower while Minneapolis is higher. Despite this morning’s quiet trade, this has been a strong week for wheat with the July contract up 18 cents and well off the contract low.
Yesterday’s export sales report was friendly for wheat with 869k tons sold, up from 805k last week. Top destinations were to the Philippines, unknown destinations, and Japan.
There have been very heavy rains recently in Argentina, specifically North of Buenos Aires where 6 to 10 inches of rain caused severe flooding. This precipitation has caused delays in wheat planting with only 3.4% of the crop planted.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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