Corn is trading lower at midday as the grain complex sees pressure from increased chances of rain in the nearby forecast and large potential yields being found in the Pro Farmer crop tour. This move lower has come despite two flash sales announced this morning and a solid export sales report.
This morning, the USDA reported private export sales of 110,490 metric tons of corn for delivery to Mexico for the 24/25 marketing year and a sale of 132,000 metric tons of corn for delivery to unknown destinations for the 24/25 marketing year.
Today’s Export Sales report saw an increase of 4.7 mb of corn export sales for 23/24 and an increase of 50.8 mb for 24/25. This was slightly above the average trade guess. Last week’s export shipments of 45.5 mb were above the 37.7 mb needed each week to meet the USDA’s export estimate of 2.250 bb. Primary destinations were to Mexico, Japan, and Colombia.
Soybeans are trading lower today and have given back gains from the last two days. November futures are now up only 7 cents on the week, and today’s pressure is likely due to solid pod counts being found in the crop tour as well as improved rain chances in the forecast. Both soybean meal and oil are trading lower today.
This morning, the USDA reported private export sales totaling 198,000 metric tons of soybeans for delivery to China during the 24/25 marketing year and 105,000 metric tons of soybean cake and meal for delivery to Vietnam for the 24/25 marketing year.
Today’s export sales report saw a decrease of 1.6 mb of soybean export sales in 23/24 but an increase of 61.6 mb for 24/25 which was toward the higher end of trade estimates. Last week’s export shipments of 15.5 mb were below the 17.9 mb needed each week to meet the USDA’s export estimate of 1.700 bb. Primary destinations were to the Netherlands, Mexico, and Egypt.
All three wheat classes are trading lower today. Prices have been pressured by lower Paris milling wheat prices and from higher estimates for the Russian wheat crop.
Today’s Export Sales report showed an increase of 18.1 million bushels of wheat export sales for 24/25 which was slightly above the average trade estimate and was well above last week’s sales.
Last week’s export shipments of 17.3 million bushels were above the 16.0 mb needed each week to meet the USDA’s export estimates of 825 mb for 24/25. Primary destinations were to Indonesia, Mexico, and Japan.
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