Corn is trading higher this morning and is on track for a second consecutively higher close if this pace continues. Strength yesterday came from a good weekly ethanol report which saw production at 1.072 million barrels per day.
In Argentina, South American farming company, Adecoagro, has said it will reduce its corn planting area during the 24/25 growing season in response to this year’s leafhopper bug plague. Argentina is set to begin planting corn in a few months.
Estimates for today’s export sales report see corn exports in a range between 525k and 1,300k tons with an average guess of 858k tons. This would compare to 735k tons a week ago.
Soybeans are also trading higher this morning and will be on track for a second consecutively higher close after November futures made new contract lows yesterday before rebounding into a higher close. Both soybean meal and oil are higher as well.
The NOPA crush report for July is expected to show 182.367 million bushels of soybeans crushed. If realized, this would be a record crush for the month of July and would be up 3.9% from the June crush.
Estimates for today’s export sales report show soybean exports in a range between 500k and 1,400k tons with the average guess at 1,038k tons. This would compare with 1,311k tons last week.
All three wheat classes are trading higher this morning as they appear to have put in a bottom at the end of July which was hopefully the harvest low.
Estimates for today’s export sales report shows wheat sales in a range between 250k and 600k tons with an average guess of 375k tons. This would compare to last week’s 386k tons.
In the EU, soft wheat exports have fallen by 22% year over year in the season to August 11th. Exports for the season totaled 3.1 million tons which compares with 4 million at this time last year. Primary destinations have been to Egypt, Nigeria, and Morocco.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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