Corn prices are mixed at midday with September and December futures slightly higher. Lack of weather threats and increasing global yields continue to keep upside potential limited.
Weekly corn export sales came in at 88 mb, which were towards the upper end of trade estimates. Year-to-date commitments now total 2.774 billion bushels, which is up from 2.173 billion bushels last year.
Datagro has raised their corn production forecast in Brazil to 140.9 mmt. This is well above the USDA’s estimate of 132 mmt.
Soybeans remain pressured at midday as bearish weather continues to put a negative tone on prices with larger yields looming.
Weekly soybean export sales totaled 29 mb, which were on the high end of trade expectations. Year-to-date commitments now total 1.878 billion bushels, up from 1.668 billion bushels through the same week last year.
Datagro raised their soybean production estimate in Brazil to 182.9 mmt, which if realized would be 9.4 mmt more than the previous growing season.
The wheat market is mostly lower at midday, pressured by an increasing US dollar and improved global production estimates.
Weekly wheat export sales were on par with trade expectations at 23 mb. Year-to-date commitments sit at 351 mb, which is up from 305 mb last year.
Sovecon raised their Russian wheat output estimate to 83.6 mmt, up from the groups previous estimate of 82.9 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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