Corn is trading higher to start the day and has recovered from lower prices overnight. Today’s low of $3.96-1/4 have not taken out yesterday’s lows.
US ethanol stocks fell by 0.7% to 23.96m bbl according to the weekly petroleum report, slightly below analyst expectations. Plant production of 1.085m b/d was above trade guesses.
Estimates for today’s export sales report see corn sales in a range between 400k and 1,400k tons with the average guess at 975k tons. This would compare to 1,473k a week ago and 669k last year.
Soybeans are mixed to start the day with the front month August slightly lower and deferred months higher. November futures dropped down to $10.02-1/4 last night before recovering.
Pre-report estimates for tomorrow’s USDA report peg old crop soybean ending stocks at 358 mb which would be up from 350 mb the previous month. New crop ending stocks are estimated at 302 mb compared to 295 mb in June.
Estimates for today’s export sales report see soybean sales in a range between 300k and 900k tons with an average guess of 613k tons. This would compare to 702k last week and 320k a year ago.
All three wheat classes are trading higher to start the day and are now 10 cents off the low from overnight as prices find some technical support.
Canadian wheat yield outlooks reportedly remain steady despite recent dryness. Production for 25/26 is estimated at 35.0 mmt. Rainfall is forecast to fall in key areas that have seen moisture deficits over the next 10 days.
Estimates for today’s export sales report see wheat sales in a range between 200k and 600k tons with an average guess of 419k tons. This would compare to 586k last week and 805k at this time last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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