CORN
- Corn continues to trade lower at midday ahead of tomorrow’s WASDE report.
- Weekly export sales for corn came in at 48 mb which was in line with expectations. Year-to-date commitments are up 15% from last year at 695 mb.
- Ethanol production for the week ending October 4 was up 2.3% from a week ago at 1.038 mb. Ethanol stocks came in at the lowest level since December 2023 at 22.154 mb.
- Dry conditions over the next 10 days across the Corn Belt will keep harvest advancing quickly.
SOYBEANS
- Soybeans remain weaker at midday on increasing chances of rainfall in Brazil.
- Weekly export sales for soybeans came in at 47 mb which was in line with expectations. Year-to-date commitments are up 4% from last year at 740 mb.
- There continues to be chatter that China is buying soybeans from both the US and Brazil despite economy concerns.
- The Brazilian President announced a new plan yesterday to increase soybean oil usage in biodiesel production over the next 5 years. The goal is to bring the blend percentage from 15% to 20% by 2030.
WHEAT
- The wheat complex continues to stay elevated at midday on dry conditions in growing areas of Russia and Ukraine.
- Weekly export sales for wheat came in at 16 mb which was in line with expectations. Year-to-date commitments are up 19% from last year at 443 mb.
- Rosario Grain Exchange lowered their production estimate for Argentine wheat by 1 mmt to 19.5 mmt.
- Russia continues to attack Ukraine’s port infrastructure in the Odessa region which is helping to support the wheat complex.