Glacier FarmMedia – WHEAT prices were mostly lower on Wednesday as precipitation is expected for parts of the southern United States Plains in the coming days.
Parts of soft red winter wheat growing areas will see rain ranging from scattered showers to 50 millimetres over the next week.
Prior to Thursday’s United States Department of Agriculture’s export sales report, the trade is looking for 250,000 to 500,000 tonnes of old crop wheat sales, as well as up to 50,000 tonnes for new crop.
SovEcon trimmed its Russian wheat export estimate for 2025-26 by 300,000 tonnes at 45.4 million.
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Algeria purchased 600,000 tonnes of wheat in a tender on Tuesday.
SOYBEANS continued to trade higher on demand optimism with the May contract reaching its highest price since November.
November soybeans averaged US$11.05/bu. in February, up 51 cents from last year, as the spring base price for crop insurance in the U.S. is determined.
Analysts expect U.S. soybean export sales between 400,000 and one million tonnes. Soymeal sales would be between 250,000 and 500,000, with soyoil anywhere between net reductions of 10,000 tonnes to 16,000 tonnes in net sales.
CORN prices were in positive territory for the fourth straight session on Wednesday, mainly due to high export demand.
The trade expects the USDA to report between 900,000 and 1.8 million tonnes of export sales of old crop corn.
December corn averaged US$4.60 per bushel this month, down 10 cents from last year, with three days left to determine the spring base price for crop insurance in the U.S.
Seasonally wet weather will return to most of the U.S. Plains and Midwest for the first week of March, while the central U.S. will be warmer than normal.
The U.S. Energy Information Administration reported average daily ethanol production for the week ended Feb. 20 was 1.113 million barrels per day, down 5,000 from the previous week. Ethanol stocks loosened by 58,000 barrels at 25.646 million.
Taiwan purchased 65,000 tonnes of corn in a tender with the U.S. as the expected origin.
