CORN
- Corn futures are trading unchanged to slightly lower this morning with futures just a hair above the 100-day moving average. December is unchanged at $4.26-3/4 and March is down 1/4 cent at $4.44-1/4.
- Rains are forecast west of the Mississippi this week—likely slowing harvest but providing relief to falling river levels after recent dryness. Crop ratings fell by one point this week.
- Estimates for today’s export sales report see corn sales in a range between 600k and 1,90k tons with an average guess of 1,067k tons. This would compare to 540k a week ago and 847k a year ago.
SOYBEANS
- Soybeans are lower this morning following yesterday’s 6 cent loss with concerns over a Chinese trade deal. November is down 3-1/2 cents to $10.40-1/4 and March is down 3-1/4 to$10.74-3/4. October soybean meal is down $1.40 to $282.50 and October bean oil is down 0.21 cents to 51.03 cents.
- The EPA on Tuesday issued a co-proposal to reallocate either 50% or 100% of small refinery exemptions for 2023–25, while also revising RVOs for 2026–27. A higher reallocation means more soybean oil demand for biofuels.
- Estimates for today’s export sales report see bean sales between 400k and 1,500k tons with an average guess of 808k tons. This would compare to 541k a week ago and 1,757k a year ago.
WHEAT
- Wheat is trading higher and has been in an upward trend following the contract low on September 11. December Chicago wheat is up 3-3/4 cents to $5.32 and December KC wheat is up 2-1/2 cents to $5.18-1/2.
- Estimates for today’s export sales report see wheat sales in a range between 300k and 650k tons with an average guess of 442k tons. This would compare to 305k a week ago and 258k a year ago.
- A Federal Reserve rate cut is expected in today’s meeting. If realized a cut could provide pressure to the U.S. dollar which has already been trending downward.
Author
Amanda Brill