Bearish grain markets were mixed in early trading Thursday, but soybean export sales were strong, according to Joe Vaclavik in the blog Standard Grain.
“We are well ahead of last year’s pace for (export) sale of corn and soybeans, so the demand is there,” he says. “We’re just struggling with what is likely going to be a record corn and soybean crop coming in September and October."
Strong soybean new crop exports met expectations at 1.9 million for new crop and 115,000 MT for old crop. Exports for old corn crop were 71,000 MT, with new crop exports of just over 1 million MT. Wheat exports were below expectations at about 378,000 MT.
In early trading Thursday, December corn futures slid ¼ cent at $3.36, while November soybean dropped 6 ¼ cents at $9.99. December Chicago wheat rose 1 ½ cents at $4.27 ¾, and December Kansas City wheat slipped ¼ cent at $4.33 ¾. December spring wheat was unchanged at $5.08 ¾.
Farmers are not interested in selling corn at the current low corn prices, Vaclavik notes. “A good chunk of this corn crop will be stored at current prices,” he says.
Listen to his full commentary here: