CORN

• Corn prices are trading slightly higher at midday, supported by firmer wheat prices ahead of tomorrow’s WASDE report. December corn continues to trade near the contract low of $4.1175.
• Weekly corn export sales came in above analyst expectations at 85 mb. Year-to-date commitments total 2.731 billion bushels, which is up 28% from a year ago.
• Conab released their production estimates for Brazil this morning. The group estimates Brazil’s corn crop at 132 mmt, up from their previous estimate of 128.25 mmt.

SOYBEANS

• Soybeans remain slightly higher at midday after backing off from earlier highs as weather conditions continue to lean bearish for prices.
• Weekly export sales for soybeans totaled 28 mb, which was in line with trade expectations. Year-to-date commitments now sit at 1.853 billion bushels, up 12% from last year.
• President Trump announced 20% tariffs for the Philippines starting on August 1st. This has led to some concerns with export business has the Philippines were the top buyer of U.S. product last season.
• Conab slightly lowered Brazil’s soybean production forecast from 169.6 mmt to 169.5 mmt.

WHEAT

• All three wheat classes are trending higher at midday on concerns that the USDA could show declining production estimates in tomorrow’s WASDE report.
• Weekly wheat export sales were above expectations at 21 mb. Year-to-date commitments are currently at a 5-year high of 285 mb and up 9% from last year.
• Conab has lowered their wheat production forecast in Brazil to 7.8 mmt, down from the groups previous estimate of 8.2 mmt.

Author

Tanner Wilson