The corn market remains weaker at midday. The December contract is still floating around the 50-day moving average at 405 ¾.
Corn export inspections for the week ending September 5 came in at 836,413 mt. Year-to-date exports are at 468,626 mt, which is 26.3% below last year.
AgRural announced that 15% of Brazil’s corn crop is planted, down 2% from a year ago.
Weather over the next 10 days will bring limited rainfall in the Midwest. This could cause river transportation to worsen while seeing barge freight costs continue to rise.
The soy-complex trends weaker at midday. November soybeans have erased yesterday’s gain of 13 cents, dropping near the $10 price level.
Soybean exports for the week ending September 5 came in at 354,166 mt. Year-to-date inspections are at 262,457 mt which is 29.8% below last year.
China’s soybean imports for the month of August were a record high of 12.14 mmt.
Wheat remains higher at midday on reports of lower Russian wheat yields. December Chicago wheat is now back above the 50-day moving average and looking to make a push back above the September high of 582.
Wheat export inspections for the week ending September 5 came in at 586,687 mt. Year-to-date inspections are 6,35,683, which is 33.5% above last year.
The potential for a Fed rate cut next week, which could cause a lower dollar making US exports more competitive, is also helping to support the wheat market.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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