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Wednesday Wheat Giving back Gains
Wednesday Wheat Giving back Gains
Profit taking is the story for wheat, as futures are giving back yesterday gains. Chicago wheat futures are giving back 9 3/4 to 10 cents of yesterday’s double digit run. Kansas City wheat is 6 1/2 to 9 cents lower at midday, and MLPS wheat is down by 4 1/2 to 6 3/4 cents in nearby contracts.. French AgriMer lowered their ending wheat stocks projection to 2.5 MMT, riding an increase in anticipated exports, which were updated to 12 MMT. Jordan released an international tender for 120,000 MT of wheat. US weekly wheat export inspections, were above trade expectations, at 528,875 MT. The MY accumulated export inspections for wheat are now 421.07 mbu.
Corn Lower at Midday
Corn futures are lower at midday, down by as much as 2 1/2 cents. Brazil’s CONAB slightly lowered their 19/20 corn production forecast, down 30,000 MT to 98.37 MMT. The Nov WASDE projects 101 MMT of Brazilian corn. CONAB corn exports for the 19/20 MY remained UNCH at 34 MMT, which was down from the 18/19 record of 39 MMT corn exports. The weekly EIA report will come out tomorrow, following the Veteran’s Day break. USDA stated US corn harvest was 66% complete as of 11/10, which is well behind the 85% average for this time of year. USDA Corn export inspections outpaced anticipations, at 560,105 MT for the week ending 11/07. That brought the MYTD to 4.321 MMT.
Soybeans Firm to Lower so far
Soybean futures are again remaining firmer than the grains, as some contracts only drop 1 1/4 cents at midday. Soybean meal was $2.00/ton higher at midday, while soybean oil is 46 points lower. The USDA reported a private export sale of 106,000 MT of soybeans overnight to unknown. CONAB updated the projected Brazilian output this morning; they revised up the soybean production for 19/20 to 120.86 MMT, that is 2.14 MMT below the Nov WASDE number. CONAB’s Soybean exports were UNCH at 72 MMT. The USDA Crop Progress Report on Tuesday afternoon reported that national soybean harvest was 85% complete. USDA’s weekly export inspections for soybeans was at 48.929 mbu for the week ending 11/07. The MYTD accumulated export inspections for soybeans are 7.01% above 18/19’s pace.
