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9-25 Midday:  Grains Remain Higher at Midday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn prices remain higher at midday, as export sales continue to stay strong. December corn is up 2-00 cents to $4.26-1/4, while the March contract is up 2-00 cents to $4.43-00.
  • Weekly export sales for corn came in above trade expectations at 76 mb. Year-to-date commitments now total 1.014 billion bushels, which is up 75% from a year ago.
  • US weather looks to be ideal next week for grain harvest as warm dry weather moves back through the corn belt.
  • China’s corn production has been raised slightly on improved late season weather. Production in the country is now seen at 299.1 mmt, up less than 1% from the previous estimate.

  • Soybeans are firm at midday, supported by strength in soybean oil. November beans are up 3-1/2 cents to $10.12-1/2, while the January contract is up 3-00 cents to $10.31-1/2.
  • Weekly export sales for soybeans totaled 27 mb, which was on the lower end of trade expectations. Year-to-date commitments now sit at 404 mb, down 37% from last year.
  • Argentina announced that they will start applying the grain export tax again after reaching the sales cap of $7 billion. This comes just days after announcing they would drop the export tax from grain exports.
  • All three wheat classes are trading higher at midday following yesterday’s weakness. December Chicago is up 4-1/4 cents to $5.23-3/4, December HRW is up 3-00 cents to $5.09-3/4, and December Minneapolis is up 2-3/4 cents to $5.70-1/2.
  • Weekly wheat export sales were on par with expectations at 20 mb. Year-to-date commitments total 501 mb, up 24% from the same week last year.
  • IKAR has raised their Russian wheat production number to 87.5 mmt, up from the groups previous forecast of 87 mmt.
  • According to multiple reports, Australian wheat production is improving and if it remains strong, it could be the third largest output on record.

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

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