CORN

• Corn is weaker at midday on a lower wheat market and higher US dollar.
• Yesterday, the USDA announced a sale of 401,357 mt of US corn to Mexico and another 290,820 mt sold to unknown destinations.
• Conab raised their Brazilian corn crop estimate slightly from 119.74 mmt last month to 119.82 mmt.

SOYBEANS

• Soybeans are lower at midday on reports of the possibility of lower exports to China.
• Soybean oil continues to see a pullback after President-elect Trump appointed Lee Zeldin to head the EPA. Zeldin may not be as friendly towards biofuels as some originally thought.
• The USDA confirmed a sale totaling 176,000 mt of US soybeans to unknown destinations.
• Conab raised their Brazilian soybean crop estimate slightly from 166.05 mmt last month to 166.14 mmt. They also significantly raised their soybean export number from 92.4 mmt to 98 mmt.

WHEAT

• Wheat futures are lower at midday on rainfall prospects and potential for peace negotiations between Russia and Ukraine.
• Conab lowered their Brazilian wheat crop from 8.26 mmt last month to 8.11 mmt.
• Agrimer estimates that French SRW exports will be around 9.9 mmt, down from 10.03 last month and 40.5% lower than last year.

Author

Tanner Wilson