CORN

• The corn market is trading higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
• The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year.
• The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
• BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.

SOYBEANS

• The corn market is trading higher at midday after holding support overnight at the 50-day moving average (411) in the December contract and the report of another large flash sale of corn to Mexico. Although, trade has struggled to remain above the 100-day moving average (414 ½) so far.
• The USDA reported private export sales of corn to Mexico totaling 715,800 metric tons for delivery during the 24/25 marketing year, and 65,532 mt for delivery during the 25/26 marketing year.
  The Buenos Aires Grain Exchange (BAGE) reported that 34.5% of Argentina’s corn crop has been planted, a 5.6% increase from the week prior.
• BAGE also reported that this year’s corn area could surpass the 6.3 million hectares (15.6 mil acres) currently anticipated due to improving profit margins and a lower presence of leafhopper insects than last year.

WHEAT

• The wheat complex is mostly higher at midday, with Chicago and KC contracts remaining firm, while Minneapolis contracts trade mixed. Overnight strength faded quickly following the day session opening at 8:30 AM CDT, leading to choppy, two-sided trade with prices fluctuating on both sides of unchanged as the complex appears to consolidate heading into the weekend.
• Argentina’s 24/25 wheat harvest has begun according to the Buenos Aires Grain Exchange. 7.7% of the country’s anticipated 18.6 million metric tons of wheat have been harvested. Last year, Argentina produced 15.1 mmt.
• Ukraine’s grain harvest is estimated to be 91.2% complete, according to the country’s ag ministry, harvesting a total of 48 million metric tons. Of that total, 22.3 mmt is wheat, which already exceeds the ministry’s forecast of 22 mmt.
• Ukraine’s agriculture ministry reported that October grain exports rose 58.6% from last year, reaching 3.95 mmt compared to 2.49 mmt. October wheat exports totaled 1.64 mmt, bringing the season’s total to 7.7 mmt as of November 1 for the 24/25 marketing year.

Author

Scott Masters