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8-21 Midday: Strong Export Sales Lead Corn and Soybeans Higher at Midday

ByGrain Market Insider

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  • Corn futures are catching a bounce at midday with September futures trading 4-3/4 higher to $3.84-3/4 while the December contract is up 4-3/4 to $4.08-3/4.
  • Weekly corn export sales were once again strong, coming in above expectations at 112 mb. Year-to-date commitments total 2.776 billion bushels, which is up 26% from a year earlier.
  • According to the Buenos Aires Grain Exchange, Argentina’s corn planted area could be up 9.6% to 19.2 million acres this fall.
  • The US is looking into unfair trade practices as Brazil imposes an 18% tariff on ethanol imports from the US, according to the National Corn Growers Association. This comes in the face of a large crop looming in the US.

  • Soybeans are higher at midday, supported by strong export sales. November futures are up 10 to $10.46-00 while January futures are up 9-1/2 to $10.64-3/4.
  • Weekly soybean export sales totaled 42 mb, which was towards the upper end of trade expectations. Year-to-date commitment sit at 1.876 billion bushels, up 11.5% from last year.
  • The Pro Farmer crop tour has noted some exceptional yields but has also found some disease issues which could have an effect on final yield results.
  • Wheat prices are leaning lower at midday. December Chicago futures are 1-3/4 lower to $5.26-½, December KC is up 1/2 to $5.23-3/4, Minneapolis wheat is up 1/4 to $5.89-1/4.
  • Weekly export sales for wheat were lackluster, coming in at 19 mb. Year-to-date commitments total 424 mb, which is up 23% from last year and remains at a 5-year high.
  • SovEcon bumped Russia’s wheat forecast up from 85.2 mmt to 85.4 mmt for the 2025/26 season. The group cited favorable weather conditions as the reason for the increase in production.
  • LSEG left their wheat production estimate unchanged for the US, Canada, and Argentina. US is still pegged at 52.9 mmt, Canada at 35 mmt, and Argentina at 20.2 mmt.

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