Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Corn market lower once again yesterday as we look for support at the contract low of 3.57. Informa estimates at 168.8 bpa on 88.897 acres and total production at 13.688. This is the closest they have been to the USDA estimates. Weekly export sales yesterday at a weak 328 tmt. 3 day weekend looms…
Soybeans: As of 7:45- 3 higher
Solid export sales of 1.53mmt and the announcement of another 101tmt to China and 773.4 tmt to unknown keep this market firm in the a.m. before settling lower for the day. For the morning we look to have some follow through strength for that business keeping us within yesterdays range. Informa at 47bpa with 3.924 billion bu’s of production. Stats Canada released estimated canola at 2.3 mmt vs. ave. trade estimate of 1.4.
Wheat: As of 7:45- 2-3 higher
New lows again for the wheat complex yesterday on basically the same thing we have been talking about for awhile. Export sales came out light at 277tmt. Stas Canada pegged all wheat stocks at 7.1 MMtTdown significantly from last year but still more than many traders were looking for. Funds estimated sellers of 7500 contracts yesterday.