CORN

• Corn remains weaker at midday after yesterday’s Fed rate cut of 50 points. Money seems to be moving to the equity markets from commodities.
• Corn export sales came in at 33 million bushels, which was in line with expectations. Year-to-date export commitments are at 559 mb, up 21% from a year ago.
• Ukraine’s top producer group reported total exportable corn could range from 15-17 mmt versus 30 mmt last year due to poor growing conditions in the region. This could give US exports a boost with a smaller quantity available to export out of the Black Sea.

SOYBEANS

• Soybeans trade lower at midday on fears of a slowing economy in China, which could hurt US export business.
• Soybean export sales came in at 64 million bushels, which was above expectations. Year-to-date commitments sit at 588 mb, down 6% from a year ago.
• Drought conditions in South America have caused low water levels on both the Amazon and Parana rivers limiting grain loads.

WHEAT

• Wheat is weaker at midday after rains move into the forecast for the Central Plains states.
• Wheat export sales came in at 9 million bushels, below expectations. Year-to-date commitments are at 405 mb, up 28% from a year ago.
• Brazil’s wheat harvest is behind last year’s pace at only 17.8% complete versus 22.8% on average.
• France lowers wheat exports by 3.5 mmt to 4 mmt due to disruptive weather patterns affecting production.

Author

Tanner Wilson