CORN
- Corn futures are trading slightly lower to start the day after bouncing off sharp lows yesterday following a bullish tweet from President Trump.
- December corn is down 3/4 cent at $4.15-3/4 while March is down 1/2 cent to $4.32-1/4. Prices are now back above the 40 and 50-day moving averages which should now act as support.
- Estimates for today’s export sales report see corn sales in a range between 1,400k and 2,000k tons with an average estimate of 1,700k tons. This would compare to 1,923k last week and 1,684k a year ago.
SOYBEANS
- Soybeans are trading lower this morning after trading in a wild 26-cent range yesterday that was spurred by President Trump tweeting that some tariffs would go towards farmers and that he would discuss a soybean deal with China’s Xi in a month.
- November soybeans are down 3-1/4 cents to $10.10 while March is down 2-3/4 cents to $10.43-1/2 and remains below all major moving averages. October soybean meal is down $0.10 to $264.60 and October soybean oil is unchanged at 49.75 cents.
- Estimates for today’s export sales report see soybean sales in a range between 500k and 1,600k tons with an average estimate of 1,250k tons. This would compare to 725k last week and 1,445k tons a year ago.
WHEAT
- Wheat is mixed to start the day with December Chicago wheat unchanged at $5.09-1/4, KC wheat down 1/2 cent to $4.95, and Minn wheat up 2-1/2 cents to $5.59-1/2. Prices rebounded from a new contract low yesterday.
- Estimates for today’s export sales report see wheat sales in a range between 300k and 650k tons with an average estimate of 475k tons. This would compare to 540k last week and 444k a year ago.
- The USDA has said that this month’s WASDE report will be suspended until further notice as a result of the government shutdown and a lapse of federal funding. The report was scheduled for October 9.
Author
Amanda Brill