CORN
- Corn futures are trading slightly lower to start the day after solid gains yesterday and are still trading above the 100-day moving average. December corn is down 1-1/2 cents to $4.26-1/2 and March is down 1 cent to $4.40-1/4.
- Bloomberg estimates for the export sales report for the week ending October 16 that is postponed, see corn sales in a range between 800k and 1,600k tons with an average guess of 1,275k tons which would compare to 4,184k tons a year ago.
- The Buenos Aires Grain Exchange updated its crop progress for Argentina with 33.8% of the crop reportedly planted, which would be slightly ahead of last year. The 25/26 corn planted area is maintained at 7.8 million hectares.
SOYBEANS
- Soybean futures are lower to start the day with November soybeans down 1-3/4 cents to $10.43 and March down 1-1/4 cents to $10.74. December soybean meal is up $0.20 to $292.50 and December bean oil is down 0.19 cents to 50.68 cents.
- President Trump said he expects to reach a deal with China during the meeting with Xi on trade, soybeans, and potentially nuclear arms. This comes after a lot of waffling back and forth this week on whether or not a meeting would take place.
- Bloomberg estimates for the postponed export sales report see soybean sales in a range between 700k and 2,000k tons with an average guess of 1,200k tons. This would compare to 2,088k last year.
WHEAT
- Wheat is mixed to start the day with December Chicago wheat up 3/4 cent to $5.13-3/4, KC wheat up 1-3/4 to $5.01-3/4, and Minn wheat down 1-3/4 cents to $5.56-1/4. Chicago wheat is nearly 20 cents off its recent low.
- The IGC raised its estimate for global grain stockpiles on wheat and corn for the 25/26 season. Wheat stockpiles have been increased to 275 mmt from 270 mmt in a previous estimate.
- The Buenos Aires Grain Exchange updated their estimates for wheat planting progress in Argentina. Production is estimated at 22.0 mmt which would compare to 18.6 mmt last year. 5.3% of the crop has been harvested at this point.
Author
Amanda Brill