Corn closed mostly higher today as it continues to chop around near the $3.70 value on the December contract. Export sales were good this morning, coming in near the upper end of estimates. In contrast, sorghum sales were a net negative for the third time this year.
Weekly export sales were 788,000, within estimates ranging from 400,000 to 900,000 tonnes.
The International Grains Council raised their forecast for the global 2019/2020 corn crop by 5 million tonnes to 1.103 billion tonnes.
The USDA reported a flash sale of 106,000 tonnes of corn for delivery to unknown during the 2019/2020 marketing year.
Closes: December at $3.68 ½ up 1 ¾; March at $3.79 up 1 ¾; May at $3.84 ¼ up 1 ¼; July at $3.90 up ¾.
Soybeans down 4 @ $ 8.16
Soybeans were lower today but did hold above $9.00 on the January contract, setting at daily low of $9.00 ¼. The soybean market continues to be choppy, trading both sides of the board as conflicting headlines regarding U.S.-China relations continue to circulate in the market place.
Weekly export sales were 1,516,700 tonnes of soybeans, above estimates of 800,000 to 1,400,000 tonnes. Soymeal sales were 196,400, within estimates of 100,000 to 450,000 tonnes and soyoil sales were 39,200 tonnes, above estimates of 5,000 to 25,000 tonnes.
The Argentine agriculture ministry raised their 2019/2020 soy planting estimate from 17.1 to 17.2 million hectares.
Closes: January at $9.01 down 4; March at $9.15 ¼ down 3 ¾; May at $9.28 ½ down 3 ½; July at $9.40 ¼ down 3 ½.