Corn remains weaker at midday after yesterday’s Fed rate cut of 50 points. Money seems to be moving to the equity markets from commodities.
Corn export sales came in at 33 million bushels, which was in line with expectations. Year-to-date export commitments are at 559 mb, up 21% from a year ago.
Ukraine’s top producer group reported total exportable corn could range from 15-17 mmt versus 30 mmt last year due to poor growing conditions in the region. This could give US exports a boost with a smaller quantity available to export out of the Black Sea.
Soybeans trade lower at midday on fears of a slowing economy in China, which could hurt US export business.
Soybean export sales came in at 64 million bushels, which was above expectations. Year-to-date commitments sit at 588 mb, down 6% from a year ago.
Drought conditions in South America have caused low water levels on both the Amazon and Parana rivers limiting grain loads.
Wheat is weaker at midday after rains move into the forecast for the Central Plains states.
Wheat export sales came in at 9 million bushels, below expectations. Year-to-date commitments are at 405 mb, up 28% from a year ago.
Brazil’s wheat harvest is behind last year’s pace at only 17.8% complete versus 22.8% on average.
France lowers wheat exports by 3.5 mmt to 4 mmt due to disruptive weather patterns affecting production.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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