Corn is trading unchanged to lower near midday as traders wait for next week’s WASDE numbers to be released.
Net corn sales for 23/24 were 949,700 mt and were primarily to Mexico, unknown destinations, and Columbia, while exports of 515,000 mt brought total exports to 39,469,100 mt which is down 34% from last year.
Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
Brazil’s export group, ANEC, has reported that exports for September are projected to hit 9.67 mmt which is up significantly from the previous year which was 6.85 mmt.
Soybeans are trading slightly higher after opening on a lower note. Soybean meal is higher, while front month soybean oil is lower and deferred contracts are higher.
For the week ending August 31, 2023, the USDA reported an increase of 5.7 mb in 22/23 and an increase of 65.5 mb for 23/24.
Last week’s export shipments of 44.9 mb produced total shipments of 1.992 billion bushels for 22/23.
Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.
Wheat is mixed with Chicago and Minneapolis slightly lower and KC slightly higher with very little fresh news to drive the market.
There is pressure coming from rain in the forecast for Texas, Oklahoma, and Kansas which should help with winter wheat planting conditions.
The USDA reported an increase of 13.6 mb of wheat export sales for 23/24 and an increase of 0.4 mb for 24/25. Last week’s export shipments were 11.6 mb and below the 14.0 mb needed.
Ukraine is now attempting to export grains through Croatian ports after Russia’s attacks on the Danube and Black Sea ports damaged infrastructure.
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.
