|

9-12 Midday: Corn and Soybeans Higher Ahead of WASDE, Wheat Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn prices are continuing to see some short covering going into this morning’s WASDE report. December corn is trading 5-00 higher to $4.24-3/4.
  • Expectations for today’s WASDE report are to show both corn yield and ending stocks being cut. This has led to some support in prices for the past few days.
  • Brazil has increased their corn production estimate for the 2024/25 season to 139.67 mmt compared to a previous estimate of 137 mmt.

  • Soybeans are finding strength at midday as expectations in today’s report are to show yield and ending stocks lower than previously reported. November soybeans are 10-1/2 higher to $10.43-3/4.
  • Conab has raised their soybean production estimate in Brazil by 1.82 mmt from last month to 171.47 mmt.
  • NOPA soybean cruch for August is estimated to reach 182.857 mb. If realized, crush for August would be down 6.6% from July but up nearly 16% from August of last year.
  • Wheat prices are cooling off at midday as the market awaits what is expected to be a somewhat neutral report. December Chicago futures are 1-3/4 lower to $5.19-3/4.
  • Conab has cut their wheat production forecast for Brazil to 7.54 mmt. This is down from the groups previous estimate of 7.81 mmt.
  • Wheat exports continue to outpace last year’s numbers. However, cheap Black Sea supplies are causing some competition as the world’s top wheat buyer, Egypt, has been a recent buyer of Russia, Ukraine, Romania, and Bulgarian supplies.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.