CORN

• Corn prices remain weaker at midday on chances of rainfall next week in Argentina.
• Weekly corn export sales came in at 57 mb, which was in line with trade estimates. Year-to-date commitments total 1.885 billion bushels, up 29% from a year ago.
• The Buenos Aires Grain Exchange reported that corn conditions in Argentina improved 3% from last week to 19% good-to-excellent.
• Ag lender, CoBank, sees corn acreage in the US at 94.55 million acres, up from 90.6 last year.

SOYBEANS

• Soybeans continue to trade lower at midday on improving harvest progress in Brazil and chances of rain next week in Argentina.
• Weekly soybean export sales totaled 18 mb, which was on the high end of expectations. Year-to-date commitments total 1.607 billion bushels, up 13% from last year.
• CoBank projects lower planted acres for soybeans compared to last year at 84 million acres.
• Argentina’s crush for January came in above expectations at 2.896 mmt, but was well below December’s 3.649 mmt.

WHEAT

• Wheat prices are firm at midday on expected dry conditions in the Plains states over the next two weeks.
• Weekly wheat export sales came in above trade expectations at 23 mb. Year-to-date commitments total 726 mb, up 11% from a year ago.
• The International Grains Council has raised their global wheat production estimate by 1 mmt to 797 mmt.

Author

Tanner Wilson