TFM Midday Update 10-03-2024

CORN

  • Corn is weaker at midday on rain prospects in South America and favorable conditions for US harvest.
  • Weekly export sales came in above expectations at 66 mb. Year-to-date commitments are 14% ahead of last year at 647 mb.
  • Yesterday’s EIA data showed corn used for ethanol at 102.41 mb which is still behind the average needed pace of 104.55 mb to hit the USDA’s corn usage number.

SOYBEANS

  • Soybeans are getting pulled lower by meal after a delay in the EU’s deforestation policy was announced, trending lower at midday on chances of rain in Brazil and weaker meal prices.
  • Weekly export sales came in at 53 mb, which was in line with expectations. Year-to-date commitments now total 696 mb, 3% ahead of last year.
  • Market participants continue to monitor the weather forecast in South America which shows rainfall in Brazil next week.

WHEAT

  • All three wheat contracts are continuing to see a pullback at midday after December contracts tested the 200-day moving average.
  • Weekly export sales came in above expectations at 16 mb. Year-to-date commitments total 427 mb, up 23% from last year.
  • SovEcon lowered their Russian wheat export forecast from 48.1 mmt to 47.6 mmt.

Author

Tanner Wilson

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