Corn prices edge higher at midday, supported by strong export sales and buyers coming back in after the break below $4.00 yesterday on December futures.
Weekly export sales for corn came in above trade expectations at 131 mb. Year-to-date commitments total 2.780 billion bushels, which is up 27% from a year ago.
Weekly ethanol production fell to 318 million gallons last week, down from 322 the week prior but up 1% year-over-year. Ethanol stocks dipped to 23.8 million barrels, which was below expectations.
Soybean futures are firm at midday, supported by export sales and short covering ahead of next week’s WASDE report.
Weekly export sales for soybeans remain strong, totaling 37 mb during the week. Year-to-date commitments now sit at 1.892 billion bushels, up 13% from last year.
According to the Ministry of Development, Industry and Trade, Brazil’s soybean exports increased to 12.3 mmt last month, up 9% from the same month last year. Brazil’s soybean exports to China also rose to 9.6 mt in July, up 7.4% from last year.
Patria has lowered their soybean production estimate in Brazil for the 2025/26 season to 166.56 mmt, down from this season’s estimate of 168.74 mmt.
All three wheat classes are trending higher at midday, supported by lower production and ending stocks estimates for Tuesday’s WASDE report.
Weekly wheat export sales totaled 27 mb, which was above trade expectations. Year-to-date commitments are up 21% from a year ago and currently sit at a 5-year high of 378 mb.
There is reportedly an upcoming meeting set up between President Trump and Russia’s Putin to discuss ending the war between Russia and Ukraine.
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