Corn and wheat futures are sliding lower in Chicago. Corn is down 2 cents while wheat is off 8. Soybeans are making a bounce back this morning – up 4 cents.
Weekly export sales were released at 7:30 AM CST and showed that weekly wheat sales were well below expectations recording 372,400 metric tons compared to expectations between 400,000-600,000 metric tons. This week’s sales were down 50 percent from the previous week. Corn sales were reported at 784,800 metric tons which beat analyst expectations which ranged from 550,000-750,000 metric tons. Soybeans also beat analyst expectations by only a few thousand metric tons but recorded a strong sales figure for the wee at 923,400.
The USDA will release the October WASDE report on Friday. Corn production is expected to be increased by 100 million bushels to 14.506 billion for the 2014/15. Corn ending stocks are expected to reflect the production revision higher at 2.130 billion bushels. Soybean production is expected to be raised 60 million bushels to 3.97 billion. Ending stocks are expected to be unchanged at 472 million bushels. Wheat ending stocks are expected to be raised slightly to 704 million bushels. We will be sending out a full breakdown of trade expectations this morning by e-mail.
The US Dollar Index continues to slip in the overnight session, having traded down 1.5% in the last four trade days. This market has now broke technically and this represents a sharp change in direction from the strength seen since late June. A weaker dollar index should support grain prices.