Corn prices are weaker at midday, as US weather remains favorable for US crops in the short term. December corn futures were looking to add a fourth straight day of higher trading before today’s weakness, a feat which has not been done since the week of June 2nd.
Weekly corn export sales totaled 26 mb, which was below trade expectations. Year-to-date commitments now sit at 2.735 billion bushels, up 27% from last year.
President Trump announced that Coca-Cola has agreed to use cane sugar instead of corn syrup moving forward. This has raised some concerns about corn usage moving forward.
LSEG has raised Brazil’s corn production forecast to 131.2 mmt, up 1% from the group’s previous estimate.
Soybeans are finding support at midday on drier weather forecasts for the month of August. The high so far on November soybeans is right at the 50-day moving average of $10.2725.
Weekly export sales for soybeans were on par with trade guesses at 30 mb. Year-to-date commitments total 1.861 billion bushels, which is 12% ahead of last year.
The Rosario Grain Exchange has raised their soybean production estimate for Argentina by 1 mmt to 49.5 mmt.
All three wheat classes are trading lower at midday on pressure from harvest and improvements to production estimates.
Weekly wheat export sales came in at 18 mb, which was in line with expectations. Year-to-date commitments sit at a 5-year high of 303 mb.
SovEcon bumped their Russian wheat estimate up to 83.6 mmt, 0.6 mmt higher from their previous forecast.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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