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Wheat futures are 4 to 7 cents higher across the three markets this morning. The winter wheat contracts were steady to 4 cents lower yesterday. MPLS spring wheat was down 6 to 7 1/4 cents. Actual exports in the week of 5/17 were tallied at 362,161 MT, just half of the same time last year. With just 2 reporting weeks left in the 17/18 MY exports are just 88% of the USDA projection, with the average pace at 95%. If you add in the unshipped sales, just 96% of the export estimate is complete vs. the average of 105%. That suggests the USDA may lower the 17/18 export number on June 12. Russia’s SovEcon trimmed their 18/19 wheat production estimate by 1.2 MMT to 77 MMT.
Corn futures are trading 1 cent higher at the moment. They were weak into the close on Thursday, down 3 to 4 1/4 cents lower in the front months. Traders were taking money off the table ahead of the extended weekend. The weekly Export Sales report indicated shipments during the week of 5/17 totaled 1.469 MMT, a slight drop from the previous week. Actual exports are slowly catching up to the USDA export projection, now at 63% vs. the normal pace of 67%. Export commitments for corn jumped out to a 1.3% lead over this time last year. They are typically 94% of the USDA export number, with this year at 95% complete. AgroConsult analysts trimmed their second corn crop estimate for Brazil by 3.2 MMT to 57 MMT.
Soybean futures are mostly 4 to 5 cents higher this morning. They ended Thursday steady to 3 1/2 cents lower on profit taking in front of the Memorial Day holiday. Soymeal was down $3.40/ton, with front month soy oil a point higher. Thursday morning’s Export Sales report exports in the week of 5/17 well above last year totaling 903,873 MT, with 133,200 MT to China. Shipments of soybeans have some catching up to do before August 31, at only 81% of the USDA projection vs. the average of 91% for this date Total commitments are now 98% of that projection, with the typical pace at 99%. Brazilian truckers ended their strike with a government promise to subsidize diesel fuel. Argentina’s Ag Ministry now sees their country’s soybean crop at 36.6 MMT, down 1 from their previous estimate. The government has neither confirmed nor denied that it is halting the monthly reduction in soybean export tariffs in order to shore up the budget.