Corn maintains moderate strength Thursday
Soybeans closed the Thursday session mixed. USDA raised old crop soybean ending stocks by 5 million bushels. The overall ending stocks estimate was reduced from 405 million bushels to 395 million bushels. That reduction is less than expected. A 720,000 metric ton sale of soybeans to China limited losses. Weekly export sales are good at slightly more than a million metric tons of old crop, and 1.2 million of new crop. U.S. soybean exports continue to see more business because U.S. prices have an advantage over Brazil, according to DTN.
Corn was higher despite USDA’s 5-million-bushel boost to old crop corn ending stocks estimate. Weekly export sales are in line with recent weeks at more than 660,000 metric tons. The USDA says the amount of corn shipped last week is a little more than what is needed to reach the agency’s export projection by the end of August. DTN says fundamentally, corn is under bearish pressure with weather still an important source of uncertainty.
Wheat ended the trading session fully lower on the stronger dollar and higher new crop wheat ending stocks. Good winter wheat harvest weather is expected for Oklahoma and Kansas. Early harvest reports out of Oklahoma are favorable. The seven-day weather forecast has hot and dry conditions in southern Russia and Kazakhstan, which could hurt their wheat crop. USDA reports weekly wheat export sales lower at almost 271,000 metric tons.