The average pre-report U.S. corn production estimate comes in at 15.100 bb, versus 15.134 bb in September. Additionally, yield is expected at 173.5 bpa versus 173.8 bpa last month.
The U.S. 23/24 corn ending stocks pre-report estimate is projected at 2.145 bb vs 2.221 bb in September, and globally the estimate comes in at 313 mmt vs 314 mmt previously.
CONAB reduced their estimate of Brazilian corn production in 23/24 to 119.4 mmt due to a decrease in acreage. This is still the second largest on record but down 12 mmt from last year.
Heavy rains expected in the Plains on Friday are moving west to east and will cause some harvest delays this weekend.
The average pre-report U.S. soybean production estimate comes in at 4.132 bb, versus 4.146 bb in September. Additionally, yield is expected at 49.9 bpa versus 50.1 bpa last month.
The U.S. 23/24 soybean ending stocks pre-report estimate is projected at 236 mb versus 220 mb in September, and globally the estimate comes in at 119.6 mmt versus 119.3 mmt previously.
November soybeans on China’s Dalian Exchange hit a two-month low after being down another 2.6% on Tuesday.
Private exporters reported sales of 121,000 mt of soybeans for delivery to China during the 23/24 marketing year.
CONAB estimated Brazil’s soybean crop at 162 mmt, which is a new record and 5% above last year.
The U.S. 23/24 wheat ending stocks pre-report estimate is projected at 646 mb versus 615 mb in September, and globally the estimate comes in at 258.8 mmt versus 258.6 mmt previously.
Despite the potential production issues in Australia, their wheat futures are actually trading lower as their yields are coming in better than expected.
Lower global prices, especially out of Russia, are keeping the wheat market under pressure. There is talk that Russia sold 480,000 mt of wheat to Egypt this week at $265 per mt FOB. Additionally, EU wheat is said to be offered around $250 per mt in response.
Winter wheat planting is reported to be 57% complete and 29% of the crop has emerged.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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