Grain markets are higher this morning. Corn is up 1-2 cents soybeans up 7-8 cents and wheat is trading up 10-11 cents. Markets are supported by yesterday’s WASDE report which is being viewed as supportive, especially for soybeans. Crude oil is trading over $3.00/barrel higher, dollar is slightly lower and equity futures are trading near unchanged.
Today’s Reports: Export Sales
Weekly export sales data will be released this AM. Average trade estimates are listed below.
- Corn exports 23.62-35.43 million bushel.
- Soybean exports 23.88- 36.74
- Wheat exports 11.02-18.37
The Israeli Ministry of Defense notified the UN that Palestinians living north of Wadi Gaza should evacuate to the southern part of the Gaza Strip in the next 24 hours. More than 1 million Palestinians live in this area. The message could be a signal that the Israeli military is preparing for an imminent ground operation.
Crude oil prices trading over $3.00/battel higher after the U.S. tightened its sanctions against Russia crude exports, raising supply concerns in an already tight market. The U.S. imposed sanctions on two shipping companies carrying Russian crude that it said violated the G7′s oil price cap of $60 a barrel.
The Buenos Aires Grain Exchange estimated Argie corn seeding at 19.4% complete. The Exchange did comment on going dryness could lead corn acreage seeding to decrease from the current estimate of 7.3 million hectares
The Buenos Aires Grain Exchange reduced its Argie wheat production estimate to 16.2 MMTs, down from 16.5 MMTs.
China customs reporting September soybean imports at 7.154 MMTs. YTD imports now stand at 77.799 MMTs, up 14.4% from a year ago.