CORN
- Corn futures are trading higher to start the day and continue to hover right at the 100-day moving average. December corn is up 1-3/4 cents while March is up 1-/2 cent at $4.43. December futures have not yet filled their gap at $4.32-3/4.
- New estimates for the Argentinian corn crop have been released with the Buenos Aires Grain Exchange seeing the 25/26 planting estimate at 7.8 million hectares, up from 7.1m ha last year. The crop is 6.2% planted.
- Yesterday’s export sales report saw corn sales within trade guesses at 1,232k tons which compared to 540k last week and 847k a year ago. Top buyers were Mexico, South Korea, and Japan.
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 mixed this morning with gains in Chicago but slight losses in KC. December Chicago wheat is up 1/4 cent to $5.24-1/2 while December KC wheat is down 1/4 cent to $5.09-3/4. Minneapolis wheat is 1-1/2 cent higher.
- The Grain Association of Western Australia has raised its forecast for the region’s wheat harvest to 11.8 mmt for the 25/26 season. This would be up from August’s estimate of 11.5 mmt. Australia is one of the world’s largest exporters of wheat.
- Yesterday’s export sales report saw wheat sales within analyst guesses at 388k tons which compared to 305k last week and 258k a year ago. Top buyers were the Philippines, Mexico, and Nigeria.
Author
Amanda Brill