Grains start day in the green. Thursday, August 10, 2023

December corn is up 2¢ this morning while November soybeans are up 10¢.

CBOT wheat is up 8¢. KC wheat is up 11¢. Minneapolis wheat is up 5¢.

Tomorrow USDA is expected to release the August World Agricultural Supply and Demand Estimates (WASDE) report. Arlan Suderman, chief commodities economist for StoneX, says barring new Black Sea headlines, anticipating this report is today’s primary focus.

“The August report is known for its market-moving surprises from USDA, with the bulk of the focus being on USDA’s yield estimates,” he says. “However, look for USDA to also bump Brazil corn production again, while cutting U.S. corn exports. The demand side of the balance sheet should get greater attention later this fall.”

The latest out of the Black Sea region, is Ukraine announcing a “humanitarian corridor” to permit “dozens of cargo ships trapped in its ports since the outbreak of war last year sail into the Black Sea.”

“All eyes will now be on Russia’s response to the ships moving through these corridors,” Suderman says.

This morning USDA released the weekly Export Sales report.

• Net corn export sales for 2022/2023 were pegged at 150,400 metric tons (MT), within the range of expectations
• For 2023/2024 net corn export sales exceeded expectations at 758,400 MT
• Net soybean export sales for 2022/2023 exceeded expectations at 406,600 MT.
• Falling within the expected range, net soybean export sales for 2023/2024 were pegged at 1,096,400 MT
• Net wheat export sales for 2023/2024 exceed expectations at 567,600 MT.
• For 2024/2025 wheat saw a net reduction of 6,400 MT.

S&P 500 futures are up 54 points. Dow futures are up 438 points.

Tags: wheat, futures, corn, soybeans