Grain prices struggle with lack of fresh fundamental news

By Doug Tenney, Leist Mercantile

Trade expectations: U.S. soybean exports reduced, increased ethanol demand and Brazil soybean and corn production to be reduced.    

Following the noon USDA report release, corn was down 2 cents, soybeans down 12 cents, and wheat down 9 cents. Moments before the report was released, corn was down 1 ½ cents, soybeans down 8 cents, and wheat down 6 cents. 

U.S. 2023-2024 ending stocks: corn 2.122 billion bushels, last month 2.172 billion bushels; soybeans 340 million bushels, last month 315 million bushels; and wheat 698 million bushels, last month 673 million bushels. 

Trader estimates for 2023-2024 U.S. ending stocks: corn 2.102 billion bushels; soybeans 317 million bushels; and wheat 690 million bushels. 

Surprisingly there were no changes Brazilian soybean production. The trade was anticipating a slight reduction in the Brazilian soybean crop. USDA this month estimates Brazil soybean production at 155 million tons, last month was 155 million tons.… Continue reading