CORN

• Corn futures have reversed lower at midday as weakness in commodities is spilling over into prices.
• Weekly export sales for corn came in at 41 mb, which was in line with expectations. Year-to-date commitments now total 2.660 billion bushels, up 27% from the same week last year.
• Larger Brazilian harvest and rain showers across the US are limiting any upside potential for corn prices this week.

SOYBEANS

• Soybeans are drifting lower at midday on continued pressure from bearish weather and weaker grain prices.
• Weekly soybean export sales were in line with trade expectations at 21 mb. Year-to-date commitments total 1.818 billion bushels, which is up 11% from a year ago.
• Ukraine’s soybean harvest is seen at 6.1 mmt, down from 6.5 mmt last season. However, soy exports are seen increasing slightly from 3.4 mmt last season to 3.6 mmt this season.

WHEAT

• Wheat prices continue to see downside pressure as the rest of the commodity market struggles this week.
• Weekly wheat export sales came in at 9 mb, which was below trade expectations. Year-to-date commitments total 242 mb, up 8% from the same week last year.
• The US Dollar dropped to a 3-year low overnight which could bring some short-term support to wheat prices but for now futures contracts remain weaker.

Author

Tanner Wilson