CORN

• Corn prices continue to bounce higher at midday after closing near the 200-day moving average yesterday. Production cuts in South America are also boosting prices today.
• Weekly corn export sales totaled 38 mb which were in line with trade expectations. Year-to-date commitments sit at 1.990 billion bushels, up 25% from last year.
• The Rosario Grain Exchange cut their corn production estimate for Argentina to 44.5 mmt. Well below the USDA’s current estimate of 50 mmt.
• Strategie grains has raised their EU corn production estimate for 25/26 to 60 mmt, up 1.9 mmt from last season.

SOYBEANS

• Soybean futures continue to trend higher at midday on support from production cuts in South America.
• Weekly soybean export sales came in above expectations at 29 mb. Year-to-date commitments total 1.656 billion bushels, up 14% from a year ago.
• The Rosario Grain Exchange lowered their soybean production estimate for Argentina by 1 mmt to 46.5 mmt.

WHEAT

• Wheat prices continue to firm at midday on concerns over inland hurricanes which are expected for much of the Plains and Midwest states this weekend.
• Weekly wheat export sales totaled 31 mb which was above trade expectations. Year-to-date commitments total 775 mb, up 14% from last year.
• IKAR has lowered their Russian wheat export forecast from 42.5 mmt to 40 mmt.
• There is yet to be a cease fire agreement between Russia and Ukraine. Recent reports state Russia has continued to advance in Ukraine before an agreement is reached.

Author

Tanner Wilson