Markets traded mixed overnight, with corn and wheat seeing small gains while beans saw small losses. The final day of the Pro Farmer Tour is today, with the tour finishing in Iowa. Yield prospects were strong on Wednesday, but year over year increases in the Illinois state corn yield weren’t quite as big as what the USDA is currently estimating.

The Pro Farmer Tour on Wednesday estimated Illinois corn yield at 204.14 vs. 193.72 last year. The USDA is 225 vs. 206 last year. Pod counts were 1419 vs. 1270 last year, and the USDA is 66bpa vs. 63 last year.

The tour will complete in Iowa today, but the northwest area that was wet early in the growing season showed yields below year ago levels.

Managed funds on Wednesday were estimated as flat on the day to leave the net short at 249k, net buyers of 5k beans to reduce the net short to 165k, and net sellers of 5k wheat to push the net short out to 71k.

Export sales this morning for wheat are expected to be 250-500 tmt, corn sales 100-300, n/c corn 500-1,025, beans 100-400, n/c beans 800-1,350, meal 50-250, n/c meal 50-300, and oil 0-20.

EIA data showed corn usage for ethanol up 26k bbls per day to 1,098k bbls. Stocks were up 220k bbls to 23,574k bbls. Production continues to exceed necessary levels to hit the USDA usage forecast.

Ukraine is reportedly considering limiting wheat exports for the 2024/25 marketing year to 16.2 mmt. The USDA is currently forecasting their exports at 14mmt, so the move may not make much of a difference in global supply and demand.

Indian flour millers are urging the Indian govt. to release government reserves as their domestic wheat prices have surged.

Corn posted a lower high and lower low but finished slightly higher as we continue to see a range-bound trade with directional indicators neutral. Support is 3.92 and resistance is 4.15-4.20.

Beans posted another higher high, higher low, and higher close with the market continuing its bounce from recent lows. The downtrend is still in place however, with the market hitting resistance near 9.80. Support is 9.50 and resistance is 9.80.

Corn continues to see a sideways trade, which is expected to continue as the market has priced in a big crop, but we also have harvest approaching to limit upside potential. Look for buyers to step in at the bottom of the range and sellers to step in at the top.

Beans have been able to bounce from recent lows as we’ve seen an uptick in export demand and the move to the downside was overdone. The market is still in its downtrend however, and is struggling to take out resistance levels. Look for sideways trade for now.

Corn mixed

Beans down 3-4