Corn prices have shifted lower at midday, pressured by favorable weather patterns over the next week to allow planting to progress further.
Weekly export sales for corn totaled 66 mb, which was above trade expectations. Year-to-date commitments are now at 2.378 billion bushels, up 27% from last year.
Ethanol production for the week ending May 2nd totaled 7.140 million barrels. Ending stocks came in at 25.191 million barrels.
Soybean futures remain firm at midday, supported by concerns over the timeline for a potential agreement to be made between US and China.
Weekly soybean export sales were in line with expectations at 14 mb. Year-to-date commitments total 1.753 billion bushels, which is 13% higher than a year ago.
LSEG has raised their US soybean production estimate by 1% to 117 mmt. The group cited a 500,000 acre increase and favorable weather conditions for rapid planting progress as the reason for the increase.
Wheat prices continue to trend lower at midday, pressured by precipitation chances in the Northwest Plains states next week.
Weekly export sales for wheat came in at 21 mb, which was above trade expectations. Year-to-date commitments total 787 mb, up 14% from last year.
LSEG raised their all-wheat production forecast for Canada to 36.5 mmt, which if realized would be 4.5% higher than last year’s production total.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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