CORN

• Corn prices are continuing to see some short covering going into this morning’s WASDE report. December corn is trading 5-00 higher to $4.24-3/4.
• Expectations for today’s WASDE report are to show both corn yield and ending stocks being cut. This has led to some support in prices for the past few days.
• Brazil has increased their corn production estimate for the 2024/25 season to 139.67 mmt compared to a previous estimate of 137 mmt.

SOYBEANS

• Soybeans are finding strength at midday as expectations in today’s report are to show yield and ending stocks lower than previously reported. November soybeans are 10-1/2 higher to $10.43-3/4.
• Conab has raised their soybean production estimate in Brazil by 1.82 mmt from last month to 171.47 mmt.
• NOPA soybean cruch for August is estimated to reach 182.857 mb. If realized, crush for August would be down 6.6% from July but up nearly 16% from August of last year.

WHEAT

• Wheat prices are cooling off at midday as the market awaits what is expected to be a somewhat neutral report. December Chicago futures are 1-3/4 lower to $5.19-3/4.
• Conab has cut their wheat production forecast for Brazil to 7.54 mmt. This is down from the groups previous estimate of 7.81 mmt.
• Wheat exports continue to outpace last year’s numbers. However, cheap Black Sea supplies are causing some competition as the world’s top wheat buyer, Egypt, has been a recent buyer of Russia, Ukraine, Romania, and Bulgarian supplies.

Author

Tanner Wilson