Corn futures have reversed lower at midday as weakness in commodities is spilling over into prices.
Weekly export sales for corn came in at 41 mb, which was in line with expectations. Year-to-date commitments now total 2.660 billion bushels, up 27% from the same week last year.
Larger Brazilian harvest and rain showers across the US are limiting any upside potential for corn prices this week.
Soybeans are drifting lower at midday on continued pressure from bearish weather and weaker grain prices.
Weekly soybean export sales were in line with trade expectations at 21 mb. Year-to-date commitments total 1.818 billion bushels, which is up 11% from a year ago.
Ukraine’s soybean harvest is seen at 6.1 mmt, down from 6.5 mmt last season. However, soy exports are seen increasing slightly from 3.4 mmt last season to 3.6 mmt this season.
Wheat prices continue to see downside pressure as the rest of the commodity market struggles this week.
Weekly wheat export sales came in at 9 mb, which was below trade expectations. Year-to-date commitments total 242 mb, up 8% from the same week last year.
The US Dollar dropped to a 3-year low overnight which could bring some short-term support to wheat prices but for now futures contracts remain weaker.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
