Markets are trading mixed overnight with corn and wheat leaking lower again on a stronger US$ while the beans are bouncing after seeing losses yesterday.

Export sales are delayed until tomorrow due to the Veteran’s Day holiday.

Managed funds on Wednesday were estimated as net sellers of 5k corn to reduce the net long to 38k, net sellers of 2k beans to push the net short out to 50k, and net sellers of 5k wheat to push the net short out to 49k.

CONAB revised their Brazil 2024/25 soybean production forecast up by .14 mmt to 166.14 mmt (USDA 169).

Russian farmers have reportedly been active sellers of grain as they can sell grain and earn interest with the Russian central bank putting interest rates at 21% and some banks offering short-term deposits of up to 25%.

Sovecon estimated Russian wheat stocks were down 14% from the same time a year ago.

Strategie Grains raised their forecast for EU wheat area by 1m to 20.4m hectares.

The US$ is hitting new recent highs again this morning, which historically has the greatest impact on wheat prices.

The Rosario Exchange raised their forecast for Argentine bean production to 53-53.5 mmt (USDA 51).  They lowered wheat production by 700 tmt due to drought with the crop estimated at 18.8 mmt (USDA 17.5).

Australian wheat harvest is picking up with early yields better than expected.  Early harvest results have production estimates rising to 32-35 mmt (USDA 32).

Corn posted a lower low, lower high, and lower close as the market pulls back within its recent range and corrects from overbought. Directional indicators are neutral with support 4.24 and resistance 4.30.

Beans posted a lower low, lower high, and lower close on Wednesday with the market finding support near the 20 dma. Directional indicators are neutral with support 10.00 and resistance 10.30-10.40.

Corn is pulling back overnight with prices dropping back within their recent range. The outlook for corn is unchanged with comfortable supplies expected to limit upside while strong demand, fund buying, and uncertainty over South American production means there will likely be buyers on pull-backs. Look for the range-trade to continue.

Beans pulled back within their recent range yesterday as any time the corn market trades lower, beans are expected to struggle. The global supply outlook continues to be very bearish with Brazil needing to have a major production problem to change that. Beans are expected to be the weak leg moving forward.

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Corn down 1

Beans down 1

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