CORN
- Corn prices are weaker at midday, as US weather remains favorable for US crops in the short term. December corn futures were looking to add a fourth straight day of higher trading before today’s weakness, a feat which has not been done since the week of June 2nd.
- Weekly corn export sales totaled 26 mb, which was below trade expectations. Year-to-date commitments now sit at 2.735 billion bushels, up 27% from last year.
- President Trump announced that Coca-Cola has agreed to use cane sugar instead of corn syrup moving forward. This has raised some concerns about corn usage moving forward.
- LSEG has raised Brazil’s corn production forecast to 131.2 mmt, up 1% from the group’s previous estimate.
SOYBEANS
- Soybeans are finding support at midday on drier weather forecasts for the month of August. The high so far on November soybeans is right at the 50-day moving average of $10.2725.
- Weekly export sales for soybeans were on par with trade guesses at 30 mb. Year-to-date commitments total 1.861 billion bushels, which is 12% ahead of last year.
- The Rosario Grain Exchange has raised their soybean production estimate for Argentina by 1 mmt to 49.5 mmt.
WHEAT
- All three wheat classes are trading lower at midday on pressure from harvest and improvements to production estimates.
- Weekly wheat export sales came in at 18 mb, which was in line with expectations. Year-to-date commitments sit at a 5-year high of 303 mb.
- SovEcon bumped their Russian wheat estimate up to 83.6 mmt, 0.6 mmt higher from their previous forecast.
Author
Tanner Wilson