Grains and oilseeds are mixed on Wednesday following the overnight session. The U.S. dollar is higher. Crude oil is steady following yesterday’s losses. Stock futures are higher. Markets will be closed tomorrow for the Thanksgiving holiday.
CORN
March corn is up 2.25 cents at $4.40 ½. New crop December corn is up 0.75 cents at $4.62 ½.
March futures traded 1.50 cents higher on Tuesday. Volume and open interest were higher in support of yesterday’s moderate gains. Futures climbed back above the $4.40 area overnight, which could provide support heading into tomorrow’s holiday.
The EIA will release its latest ethanol production numbers for last week. Pre-report estimates expect that output inched back near record levels, while inventories eased.
Non-market related, USDA Secretary Brooke Rollins said that farm relief payments should begin to “move out” in early January.
SOYBEANS
January soybeans are up 2.25 cents at $11.27. New crop November soybeans are down 2.25 cents at $11.17. Soybean oil is higher. Soybean meal is moderately lower.
Futures were moderately higher on Tuesday, climbing 2.75 cents. Unlike corn, trading volume has been relatively light this week. The market continues to await key news of more confirmed soybean sales to China, as well as key biofuel policy.
Reuters reported overnight that China bought at least 10 more cargoes of U.S. soybeans since Tuesday. Confirmations from the USDA have been trickling in slowly but haven’t fully stopped yet.
A U.S. industry group signed a memorandum of understanding with Uzbekistan’s Ministry of Investments for the U.S. to increase soybean exports to the country to promote food security in Central Asia.
WHEAT
March Chicago wheat is up 0.50 cents at $5.39 ¾. KC wheat is up 1.25 cents at $5.29 ½. Spring wheat is up 2 cents at $5.82 ¾.
Futures reversed Monday’s losses yesterday after the Chicago contract traded 4.50 cents higher on Tuesday. Volume and open interest were both higher, supporting the moderate gains.
IKAR expects Russia’s wheat crop to reach between 86 and 91 MMT in the upcoming season, compared to 88.5 MMT in 2025. Global supply fundamentals remain bearish.
U.S. exports remain healthy, but U.S. wheat is more expensive than global competitors.
The USDA’s Foreign Agricultural Service expects Kazakhstan’s wheat production to decline next season as farmers shift toward oilseeds.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.