Corn is trading slightly higher this morning as it settles into a trading range ahead of tomorrow’s WASDE report.
Rains are currently falling in Kentucky and Tennessee but are forecast to move into Iowa and Minnesota and the northeast over the next 5 days.
The Dow Jones average trade guess for yields that the USDA will release tomorrow are at 175.4 bpa with the USDA’s most recent guess at 177 bpa.
In China, corn on the Dalian exchange is near its highest prices in 4 months following concerns about recent flooding in northeastern China.
Soybeans are slightly higher as well but have mostly traded in a range the past week, and soy products are mixed with soybean meal higher and soybean oil lower.
Very beneficial rains have fallen over the past 7 days for western and southern soybean states with the 5-day forecast showing rain in the northern and eastern states, a great scenario for soybeans setting pods.
Tomorrow’s WASDE report estimates are expecting a reduction in new crop ending stocks due to expectations for a small reduction in the yield estimate of 52.0 bpa.
Yesterday, another soybean sale was reported to China of 9.2 mb for the 23/24 marketing year.
Wheat is trading slightly higher along with corn and soybeans ahead of the WASDE report but mainly has been stuck in a trading range over the past 4 days.
The Dow Jones pre-report survey doesn’t show much change expected in the USDA’s estimate of world wheat production, but changes could occur in China and India.
Japan’s Ministry of Agriculture is seeking to buy a total of 93,972 mmt of food quality wheat from the US and Canada in a tender that will close on August 10.
In France, harvesting of soft-wheat fields has been postponed due to very heavy rainfall, and the quality is expected to decline.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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