Grains are higher at midday:
Dec Corn + 11 cents/bu (5.37 ¾ )
Nov Soybeans + 3 ½ cents/bu (12.88 ½ )
Dec Chi Wheat unchanged (7.23 ¾ )
Cdn $ +0.00165 (79.135)
WTI Crude Oil +1.43/barrel (75.41)
Grains have been higher for most of the day, with corn showing the independent strength. With the exception of a USDA Flash Sale and the USDA Export Inspection Report this morning, there is not a lot of fresh news today. Corn is technically strong and is seeing good fund buying today. December corn futures have run into resistance at 5.40, 13 ¼ cent/bu higher on the day. Beans were also as much as 12 cents/bu higher on the day, but have fallen off in the last couple of hours of trading, as the enthusiasm over a new export sale has waned.
This morning, the USDA announced a Flash Export Sale of soybeans to China of 334,000 tonnes (12.3 million bushels) for shipment in 2021/22.
The USDA Weekly Export Inspection Report was issued this morning, for the week ended Thursday, Sept 23rd. Shipments were at the high end of expectations for both corn and soybeans, but fell below the lowest trade guess for wheat. The fact that more Gulf terminal capacity is coming back on line has certainly helped shipments. 4 bean cargoes were loaded for China last week, with 3 of those coming out of Gulf terminals. Wheat shipments at 10 week low of only 10.5 million bushels were very disappointing.