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8-14 Midday: Weakness In Grains Continues at Midday

ByGrain Market Insider

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  • Corn futures remain weaker at midday on pressure from growing production estimates in the US and South America.
  • Weekly corn exports totaled 77 mb, which were on par with expectations. Year-to-date commitments now sit at 2.777 billion bushels, up 26% from last year.
  • Conab has raised their total corn production estimate for Brazil to 137 mmt, up from the groups previous forecast of 131.97 mmt. The group also raised Brazil’s export forecast by 4 mmt to 40 mmt due to increased supplies.

  • Soybean prices are drifting lower at midday, pressured by lack of US export engagement from China despite US products being cheaper than South America.
  • Weekly export sales for soybeans came in at the low end of expectations at 28 mb. Year-to-date commitments total 1.878 billion bushels, which is up 11.5% from the previous year.
  • Conab raised Brazil’s soybean production estimate slightly to 169.65 mmt, but was below the average guess of 170.5 mmt.
  • All three wheat classes are trending lower at midday as the bear camp holds the reigns. Large ending stocks in the US and a potential agreement between the US and Russia tomorrow are keeping pressure on wheat prices.
  • Weekly wheat exports remain strong, beating expectations at 27 mb. Year-to-date commitments total 404 mb, up 24% from last year and remain at a five-year high.
  • Conab left their wheat production estimate for Brazil unchanged from last month at 7.81 mmt.

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