Corn futures remain higher at midday on support from export sales as well as the US and China entering discussions regarding the ongoing trade war.
Weekly export sales for corn came in at 43 mb, which were in line with the average trade expectations. Year-to-date commitments total 2.564 billion bushels, up 27% from a year ago.
LSEG raised their safrina corn crop forecast to 127.4 mmt, which is still below the USDA’s estimate of 130 mmt.
Soybean futures have reversed higher at midday after President Trump confirmed he has spoken with China’s president and discussions were positive.
Weekly export sales for soybeans were at the bottom end of trade expectations, totaling just 7 mb. Year-to-date commitments total 1.788 billion bushels, up 12% from last year.
Anec estimates that Brazil’s soybean exports in June will be down 1.3 mmt to 12.55 mmt compared to last year. The group has also forecasted soybean meal exports for June to be down to 1.29 mmt compared to 2.05 mmt a year ago.
Wheat prices continue to trade higher along with the rest of the grain market at midday. Global production cuts are helping to keep support under the market.
Weekly export sales for wheat totaled 14 mb, which was at the low end of expectations. Year-to-date commitments are now at 782 mb, up 14% from a year ago.
LSEG has lowered their wheat production estimate for China by 1% to 141.7 mmt, due to drought conditions.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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