Corn is trading slightly lower to start the day following yesterday’s gains of over five cents. December corn still trades above the $4 mark which is now support. Rains fell in the Corn Belt yesterday which may have added pressure.
Yesterday’s export sales were very strong for corn at 3,334k tons which was well above last week’s 2,233k and last year’s 735k. Top buyers were unknown, Mexico, and Colombia.
Estimates for next week’s WASDE report see corn yields coming in at 184.3 bpa which is above trendline yield, but the USDA could call yields higher. 25/26 ending stocks are estimated at 1.92 bb and world ending stocks are expected to rise from last month.
Soybeans are trading lower this morning as selling pressure resumes following yesterday’s rally. While export sales were good yesterday, China has still been absent as a buyer. Soybean meal is higher while bean oil is trading lower.
Estimates for next week’s WASDE report estimate the soybean yield at 53.0 bpa with production at 4.37 billion bushels, but the yield number could come in higher. Ending stocks are estimated at 358 mb.
Yesterday’s export sales were above expectations at 1,013k tons which compared to 779k last week and 1,311 a year ago at this time. Top buyers were Taiwan, Egypt, and the Netherlands.
Wheat is mixed to start the day with Chicago and KC wheat slightly lower while Minneapolis trades higher. Wheat has struggled to rally without any significant weather problems globally.
Estimates for wheat ending stocks in next week’s USDA report are now at 882 mb which would be down slightly from last month’s 890 mb. World ending stocks are expected to fall slightly.
Yesterday’s export sales were better than expectations for wheat at 738k tons which compared to 630k last week and 386k a year ago. Top buyers were Nigeria, Bangladesh, and Mexico.
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