Corn is mixed to start the day with the July contract slightly higher and the deferred months lower. Ethanol production rose 20,000 barrels from a week ago and ethanol stocks fell.
Estimates for today’s export sales report see corn sales in a range between 800k and 1,600k tons with an average guess of 1,75k tons. This would compare to 1,409k a week ago and would indicate good demand.
Pressure has come from necessary rains over the past week and more in the forecast throughout the the Corn Belt. Although longer term forecasts maybe hot and dry, these rains are a big benefit.
Soybeans are trading lower to start the day and are at the bottom of their trading range after falling through the 100-day moving average yesterday and then recovering. Soybean meal is higher while soybean oil is down significantly pulling the complex lower.
Estimates for today’s export sales report see soybean sales in a range between 150k and 700k tons with an average guess of 353k tons. This would compare to 323k a week ago and 336k tons a year ago at this time.
Yesterday it was announced that the US trade court ruled that the tariffs imposed on China by President Trump were not legal which could remove the tariffs placed on soybeans and improve demand.
All three wheat classes are trading higher to start the day and would be the third consecutively higher close following Tuesday’s sharp sell-off. July Chicago wheat is currently down 8 cents on the week.
Estimates for today’s export sales report see wheat sales in a range between 100k and 800k tons with an average guess of 509k tons. This would compare to 869k last week and 321k a year ago at this time.
Canadian wheat production is estimated to be lower as a result of dryness in the southern Prairies. Production is estimated to be lowered by 3% to 35.5 mmt as soil moisture conditions deteriorate.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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