Grains are mostly higher at midday:
Corn + 6 1/4 cents/bu (July @ 7.25)
Soybeans + 11 1/4 cents/bu (July @ 15.80 3/4)
Chi Wheat +2 1/2 cents/bu (July @ 7.55 3/4)
Cdn $ +0.00170 (82.255 cents)
WTI Crude Oil -0.28/barrel (64.44)
Grains are off their highs from this morning as traders engage in some profit taking.
The USDA announced a series of flash corn sales this morning…
-1,360,000 tonnes to #China in 2021/22
-86,868 tonnes to unknown in 2020/21
-101,600 tonnes to unknown in 2021/22
That's 61 million bushels of corn total. This is China’s first purchase of new crop U.S. corn, and their first purchase of anything since mid-March.
Statistics Canada released its March 31st stocks report this morning with Canola leading the headlines. Canadian canola stocks for 2021 were much tighter than this time in 2020 as they dropped 37.7%. Total wheat stocks dropped by 13.6%, with the year-over-year tonnage dropping from 18.78 million to 16.32 million, due to record export pace, drought, and COVID-19 uncertainties. These numbers were both lower than expected, and are very bullish for both wheat and oilseeds.
Today we have the CFTC Report coming out after the close, and next Wednesday we have the USDA’s month Supply and Demand report set to be released. Estimates for the S&D Report are below. Key estimates include Brazil’s total corn crop falling by 6 million tonnes due to severe drought in some areas of the country. Anaylsts are also predicting tighter U.S. and world carryouts for 2020/21.
Conab, another analyst company is also due to released their updates in Wednesday. They are currently at 109 million mt for Brazilian corn production.