CORN

• Corn reverses lower at midday after some estimates put South America’s corn crop at a record.
• China’s lower import demand is also weighing on the market as many feel exports to date are front loaded ahead of Trump’s tariff proposal.
• The Rosario Grain Exchange estimates Argentine corn production between 50-51 mmt. This is in line with the USDA’s 51 mmt number.
• Corn used for ethanol in October came in at 460.49 mb compared to 462.35 mb last year.

SOYBEANS

• Soybeans remain firm at midday, with support from both soybean oil and meal.
• The Rosario Grain Exchange estimates Argentine soybean production around 53-53.5 mmt. The USDA currently has soybean production in Argentine forecasted at 51 mmt.
• October crush hit a new all-time high for any month at 215.80 mb. Soyoil stocks remain tight with October inventory coming in at 1.486 billion pounds. This compares to 1.501 billion pounds in September and 1.502 billion pounds in October 2023.

WHEAT

• All three wheat contracts are higher at midday after weather forecasts turn drier in the Plains states for the next two weeks.
• SovEcon lowered their Russian wheat export forecast slightly from 4.2 mmt to 4.1 mmt for November.
• India, the world’s second largest wheat producer, is expecting a warmer winter which could cut wheat yields dramatically. Now the country could be looking at importing the product to keep prices affordable for its citizens.

Author

Tanner Wilson