Corn prices are trading slightly higher at midday, supported by firmer wheat prices ahead of tomorrow’s WASDE report. December corn continues to trade near the contract low of $4.1175.
Weekly corn export sales came in above analyst expectations at 85 mb. Year-to-date commitments total 2.731 billion bushels, which is up 28% from a year ago.
Conab released their production estimates for Brazil this morning. The group estimates Brazil’s corn crop at 132 mmt, up from their previous estimate of 128.25 mmt.
Soybeans remain slightly higher at midday after backing off from earlier highs as weather conditions continue to lean bearish for prices.
Weekly export sales for soybeans totaled 28 mb, which was in line with trade expectations. Year-to-date commitments now sit at 1.853 billion bushels, up 12% from last year.
President Trump announced 20% tariffs for the Philippines starting on August 1st. This has led to some concerns with export business has the Philippines were the top buyer of U.S. product last season.
Conab slightly lowered Brazil’s soybean production forecast from 169.6 mmt to 169.5 mmt.
All three wheat classes are trending higher at midday on concerns that the USDA could show declining production estimates in tomorrow’s WASDE report.
Weekly wheat export sales were above expectations at 21 mb. Year-to-date commitments are currently at a 5-year high of 285 mb and up 9% from last year.
Conab has lowered their wheat production forecast in Brazil to 7.8 mmt, down from the groups previous estimate of 8.2 mmt.
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