Corn prices ticked higher Thursday as traders and analysts began to speculate on next week’s release of the October WASDE report. Informa has estimated that the U.S. corn yield will come in at 182.1 bushels per acre.
That figure would peg U.S. corn production at 14.89 billion bushels.
Soybean prices dipped due to concerns about higher yields in next week’s WASDE report. Wheat prices found slight gains as well. Here’s more from the Chicago Board of Trade.
Winter Wheat Prices Go Higher
December 2018 SRW prices added 2.75 cents to close at $5.18. The March 2019 contract added 2 cents to end trading just under $5.37 per bushel.
December HRW contracts lost 3.5 cents and closed trading just above $5.22. The March contract gained 3 cents to close a tick above $5.45.
December spring wheat prices were unchanged today and finished at $5.8975. The March 2019 contract added 0.5 cents to end the day a tick under $6.03.
The USDA reported net sales of 435,300 metric tons of wheat for 2018/2019. That figure was off 34% from the previous week but still topped the 4-week average by 8%.
Wheat exports came in 34% lower than the previous week at 317,100 MT. The top five destinations were Thailand (55,000 MT), Iraq (52,200 MT), Japan (41,300 MT), the Philippines (39,600), and Italy (32,800 MT).
The agency said that hard red winter exports totaled 89,700 MT, while soft red winter wheat exports totaled 30,600 MT.
Corn Ticks Green Ahead of October WASDE Report
December corn prices added 2.75 cents to finish trading at $3.675. The March 2019 contract added 2.5 cents to finish just above $3.79 per bushel.
Today, traders reacted to a positive export report from the USDA. The agency pegged corn sales at 1.431 MMT. That number was 92% higher than the same period last year.
The agency pegged weekly exports at 1.408 MMT.
The top five destinations for U.S. corn were Mexico (390,600 MT), Japan (307,200 MT), Peru (154,900), South Korea (139,800 MT), and Saudi Arabia (82,500 MT).
So far this year, total exports have reached 4.572 MMT. That is well ahead of last year’s pace. Accumulated corn exports at this time last year totaled just 3.042 MMT.
Informa wasn’t the only firm to release new estimates on production. IEG Vantage has also pegged U.S. production at 14.9 billion.
Soybean Prices Edge Lower in Chicago
November soybean prices fell 2.25 cents to close a tick above $8.59. The January 2019 contract fell 2.75 cents to end the day at $8.73 per bushel.
Today, the USDA pegged soybean sales at 1.52 MMT for 2018/2019. Mexico accounted for 730,400 MT of these sales.
The agency said that weekly exports totaled 720,500 MT.
The top five destinations were Germany (135,800 MT), Thailand (87,800 MT), the Netherlands (79,500 MT), Pakistan (66,700 MT), and Mexico (65,700 MT).
Informa now projects that U.S. soybean yields will come in at 53 bushels per acre. That was a slight increase from their previous estimate. Informa now expects production to hit 4.677 billion bushels.
Front-month canola prices continued to hold under CAD $500 per tonne. The November contract shed CAD 10 cents and finished trading at CAD $499.00.
The January canola contract gained CAD $0.70 to close the day at CAD $504.70.
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