The CME and Total Farm Marketing offices will be closed Monday, January 20, in observance of Martin Luther King Jr Day.
CORN
- Corn continues to trade lower at midday on forecasted rainfall in Argentina this weekend and lighter trading volume.
- Weekly corn export sales came in at 40 mb, which was on the high end of trade expectations. Year-to-date commitments total 1.585 bb, which is up 28% from last year.
- Weekly US ethanol production was 4% higher than the same week last year at 1.095 million barrels.
- Rosario Grain Exchange cut their Argentina corn crop estimate to 48 mmt, down from 50 mmt in their last forecast.
SOYBEANS
- Soybeans are lower at midday on expected rainfall in South America which will help to boost their production prospects.
- Weekly soybean export sales came in at 21 mb, which was in line with trade expectations. Year-to-date commitments total 1.502 bb which is up 9% from a year ago.
- NOPA crush for the month of December came in at a record 206.6 mb. This compares to 195.3 mb crushed in December of last year.
WHEAT
- Wheat remains lower at midday, following the rest of the grain market. Good winter wheat conditions in the US and the dollar rising have made it hard for wheat to sustain any rally.
- Weekly wheat export sales came in above trade expectations at 19 mb. Year-to-date commitments total 644 mb which is up 9% from last year.
- Russian wheat ending stocks are estimated at 10 mmt which is down from 20.2 mmt last year.
- According to SovEcon, Russian wheat shipments through the first half of January are 900,000 mt. This compares to 1.4 mmt in the first half of January last year.