Grain Marketing Specialist
Corn: As of 7:45- 4 higher
Despite macroeconomic concern corn managed to settle into the black yesterday and into the night session. A weaker dollar and positioning ahead of tomorrow’s USDA report added support. S&D numbers to be released at 11 a.m. CST tomorrow. Many believing that the 15/16 carryout will be shaved back. Export sales this morning at 535.2 for 14/15 and 149 for 15/16 within the range of expectations.
Soybeans: As of 7:45- 17 higher
A weak $ and the announcement of at 240tmt sale to “unknown” yesterday helped beans post moderate gains yesterday. Chinese stock markets taking a hit adding some uncertainty as well. We may look to add some risk premium into tomorrow’s report as many believe production will scaled back. Export sales this morning out at 41.4 for 14/15 and 201.1 for 15/16 with the range of expectations.
Wheat: As of 7:45- 2-5 higher
Egypt tendering for a couple cargos yesterday showed again how US remains uncompetitive on the world stage as they went to Russia/Ukraine at a discount of a $50 to US SRW. Harvest continues to push north. Export sales this morning at 345.9 for 15/16 and 1.1 for 16/17 on the low end of expectations. Technically this market looks to be consolidating as we search for something new to talk about. .