Corn rebounds higher at midday on a stronger wheat market.
Corn export sales came in below expectations at 21 mb. Year to date commitments are 17% ahead of last year at 580 mb.
Rainfall continues to be beneficial in the Southern portion of Brazil, but the Central region continues to be hot and dry.
Rosario grain exchange estimate that Argentine corn acres are down 21% with BAGE estimating total production now at 47 mmt versus 49.16 mmt previously.
Soybeans continue to trade higher at midday on dry South America weather and talks of increased China interest ahead of the country’s Golden Week holiday.
Soybean export sales were in line with expectations at 58 mb. Year to date commitments are currently 1% behind last year’s pace at 646 mb.
Buenos Aires Grain Exchange (BAGE) estimates a larger Argentine soybean crop at 52 mmt versus 50.5 mmt last year.
China is considering a stimulus package to help aid its sluggish economy which is offering some additional support to soybeans as well as outside markets.
All three wheat classes continue to trend higher at midday on reports of tighter global supplies for exporters and short covering by the funds.
Wheat export sales came in at a marketing year low of 6 mb. However, year to date commitments continue to outpace last year by 22% at 411 mb.
Dryness is expected to return to the US plains over the next few weeks which could affect sowing conditions.
IKAR lowered their Russian wheat production forecast from 82.2 mmt to 81.8 mmt due to dry conditions in the region.
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.
