CORN

• Corn rebounds higher at midday on a stronger wheat market.
• Corn export sales came in below expectations at 21 mb. Year to date commitments are 17% ahead of last year at 580 mb.
• Rainfall continues to be beneficial in the Southern portion of Brazil, but the Central region continues to be hot and dry.
• Rosario grain exchange estimate that Argentine corn acres are down 21% with BAGE estimating total production now at 47 mmt versus 49.16 mmt previously.

SOYBEANS

• Soybeans continue to trade higher at midday on dry South America weather and talks of increased China interest ahead of the country’s Golden Week holiday.
• Soybean export sales were in line with expectations at 58 mb. Year to date commitments are currently 1% behind last year’s pace at 646 mb.
• Buenos Aires Grain Exchange (BAGE) estimates a larger Argentine soybean crop at 52 mmt versus 50.5 mmt last year.
• China is considering a stimulus package to help aid its sluggish economy which is offering some additional support to soybeans as well as outside markets.

WHEAT

• All three wheat classes continue to trend higher at midday on reports of tighter global supplies for exporters and short covering by the funds.
• Wheat export sales came in at a marketing year low of 6 mb. However, year to date commitments continue to outpace last year by 22% at 411 mb.
• Dryness is expected to return to the US plains over the next few weeks which could affect sowing conditions.
• IKAR lowered their Russian wheat production forecast from 82.2 mmt to 81.8 mmt due to dry conditions in the region.

Author

Tanner Wilson