CORN

• Corn is weaker at midday on rain prospects in South America and favorable conditions for US harvest.
• Weekly export sales came in above expectations at 66 mb. Year-to-date commitments are 14% ahead of last year at 647 mb.
• Yesterday’s EIA data showed corn used for ethanol at 102.41 mb which is still behind the average needed pace of 104.55 mb to hit the USDA’s corn usage number.

SOYBEANS

• Soybeans are getting pulled lower by meal after a delay in the EU’s deforestation policy was announced, trending lower at midday on chances of rain in Brazil and weaker meal prices.
• Weekly export sales came in at 53 mb, which was in line with expectations. Year-to-date commitments now total 696 mb, 3% ahead of last year.
• Market participants continue to monitor the weather forecast in South America which shows rainfall in Brazil next week.

WHEAT

• All three wheat contracts are continuing to see a pullback at midday after December contracts tested the 200-day moving average.
• Weekly export sales came in above expectations at 16 mb. Year-to-date commitments total 427 mb, up 23% from last year.
• SovEcon lowered their Russian wheat export forecast from 48.1 mmt to 47.6 mmt.

Author

Tanner Wilson