Corn is trading slightly lower this morning which would be the third consecutively lower day due to harvest pressure and yesterday’s crop progress report which saw harvest advancing.
Harvest was seen at 59% harvested as of October 22 which was in line with trade expectations and the pace from a year ago, but ahead of the 5-year average.
Yesterday’s big selloff in the cattle complex following the bearish Cattle on Feed report likely added some pressure to corn yesterday.
In Brazil, corn is now 63% planted which is ahead of the 5-year average of 58%, but their corn acres will be fewer than last year. In Argentina, just 18% of the crop has been planted which is down from the average of 29%.
Soybeans are working higher this morning after two consecutively lower closes with support from soybean meal and strong export inspections yesterday.
Yesterday’s crop progress report shower soybeans at 76% harvested which was slightly lower than trade expectations of 77%, but above the 5-year average of 67%.
Soybeans were under pressure yesterday due to forecasts of rain in South America, but only light showers were reported with most areas getting missed.
Brazilian farmers have been reluctant to sell their new soybeans with prices so much lower than a year ago. StoneX has estimated that 25% of the new soy crop which is estimated at 164 mmt has been sold.
Wheat is trading lower this morning with KC posting the largest losses. SRW wheat has become more competitively priced which has gotten China’s buying interest.
Yesterday’s crop progress report showed that winter wheat is now 77% planted which was lower than the average trade guess, but up from 68% a week ago. 53% of the crop is emerged, up from 39% a week ago.
Ukraine says that it has shipped 700k tons of grain so far through the temporary export corridor in the Black Sea with destinations primarily to Europe and Africa.
APK-Inform has cut their estimates of the 23/24 Ukrainian grain crop to 53.4 mmt from their previous estimate of 54.2 mmt.
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.
