Corn is trading unchanged to lower near midday as traders wait for next week’s WASDE numbers to be released.
Net corn sales for 23/24 were 949,700 mt and were primarily to Mexico, unknown destinations, and Columbia, while exports of 515,000 mt brought total exports to 39,469,100 mt which is down 34% from last year.
Planting estimates for corn are very large at 94.1 million acres, so even with lower yields, ending stocks should come in near 2 billion bushels.
Brazil’s export group, ANEC, has reported that exports for September are projected to hit 9.67 mmt which is up significantly from the previous year which was 6.85 mmt.
Soybeans are trading slightly higher after opening on a lower note. Soybean meal is higher, while front month soybean oil is lower and deferred contracts are higher.
For the week ending August 31, 2023, the USDA reported an increase of 5.7 mb in 22/23 and an increase of 65.5 mb for 23/24.
Last week’s export shipments of 44.9 mb produced total shipments of 1.992 billion bushels for 22/23.
Argentina’s soy crop for 23/24 is seen jumping 138% from the previous drought year with planted acres set to expand by 5.6%.
Wheat is mixed with Chicago and Minneapolis slightly lower and KC slightly higher. There is very little fresh news to drive the market.
There is pressure coming from rain in the forecast for Texas, Oklahoma, and Kansas which should help with winter wheat planting conditions.
The USDA reported an increase of 13.6 mb of wheat export sales for 23/24 and an increase of 0.4 mb for 24/25. Last week’s export shipments were 11.6 mb and below the 14.0 mb needed.
Ukraine is now attempting to export grains through Croatian ports after Russia’s attacks on the Danube and Black Sea ports damaged infrastructure.
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