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Corn Rebounding at Midday
Corn futures are gaining back 2 to 3 1/2 cents on Turnaround Tuesday. Corn export inspections released by the USDA outpaced anticipations, with a near double (97.43% increase) over last week. The 560,105 MT for the week ending 11/07 was still remarkably below last year’s 1.158 MMT in weekly exports. MYTD the USDA has inspected 4.321 MMT of corn exports, 61.2% below last marketing year’s pace of 11.138 MMT. US FOB prices are above Argentine and Ukrainian prices, although recently below Brazil. Trade ideas for US corn harvest are running 65-66% completed. USDA will release those numbers later today. December corn options are scheduled to expire a week from Friday.
Soybeans Holding Steady
Soybean futures are fractionally lower so far this Tuesday, with Nov up a penny ahead of Thursday’s expiration. Soybean meal is $1.30/ton higher on Tuesday, with bean oil 39 points lower. There were 233 deliveries against November bean futures overnight, with 5 different stoppers. Soybean export inspections released this morning from the USDA, showed 48.929 mbu of soybeans for the week ending 11/07. That was just below the same week last year and 5.475 mbu less than last week. The MYTD accumulated export inspections for soybeans are 7.01% above 18/19’s pace, but are still 96.277 mbu below the pre trade war (5 year) average. Trade ideas for US harvest progress are in the 84-85% range for the weekly report.
Decent Export Inspections Prop up Wheat
Wheat is regaining most of yesterday’s losses, with Kansas City HRW futures leading the way with double digit gains at midday. Traders had drastically underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31, and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are up to 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report is delayed by the holiday until later this afternoon. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.
