CORN

• Corn futures are quiet this morning with December futures unchanged from yesterday at $4.26-1/4. March futures are also unchanged, trading at $4.43.
• Corn’s technical outlook strengthened with yesterday’s trade. December futures held support near 420, finishing at the top of the range above both the 100-day moving average and yesterday’s high. The firm close may encourage further short covering and fresh buying today.
• Strong export demand continues while corn crop projections trend lower. Analysts and satellite data point to dry weather and disease pressure reducing yields toward the trendline average. Even so, expanded acreage from the past two WASDE reports suggests the crop could still set a record.

SOYBEANS

• Soybeans are trading lower this morning following yesterday’s minimal gains. November soybeans are down 3-3/4 cents to $10.08-1/4 and March is down 3-1/2 cents to $10.44-1/4. October soybean meal is down $1.30 to $273.80 and October bean oil is down 0.03 cents to 49.32 cents.
• Soybean demand remains under pressure after recent trade talks with China yielded little progress on export commitments. At the same time, Argentina’s move to reduce export taxes could make its soybeans more attractive for China’s Nov–Dec needs, limiting opportunities that U.S. exporters had been targeting.
• The market will be monitoring the November-January spread to determine the impact of Argentina’s zero export tax policy.

WHEAT

• All three wheat classes are trading higher to start the day. December Chicago wheat is down 3/4 cent to $5.21-1/4 and December KC wheat is up 1 cent to $5.12-1/2.
• The Canadian Grain Commission reported that samples of the Canadian durum wheat crop show signs of sprouting and mildew, attributed to wet weather. Earlier this month, Statistics Canada estimated the durum crop at 6.53 million metric tons, which, if realized, would be the largest harvest since 2020.
• Some reports suggest that rising Russian wheat values are supporting global wheat prices. SovEcon noted that Russian wheat export prices increased by $1 from last week, reaching $229/mt.

Author

Matthew Lucas