No trade overnight due to the holiday. Markets are set for a quiet open this morning with mixed trade expected as South American weather continues to be pretty favorable.

Managed funds on Wednesday were estimated as net even in the corn to leave the net long at 101k, net buyers of 4k beans to reduce the net short to 71k, and sellers of 4k wheat to push the net short out to 63k.

Export sales this morning for wheat came in at 366.8 tmt (200-600 expected), corn 1062.9 tmt (800-2,000), n/c corn 67.2 tmt (0-100), beans 2,490.5 tmt (1,500-2,400), n/c beans 18 tmt (0-100), meal 487.3 tmt (150-550), n/c meal 0 (0-100), and oil 124.8 (25-50).

Weekly EIA data showed ethanol production up 9k bpd to 1,119k bbls. Stocks were up by 306k bbls to 22,869 mbu. Production continues to run at record levels and ahead of pace needed to hit the USDA’s usage forecast.

France reported wheat planting was 93% complete, which was ahead of the 91% average and well-ahead of last year’s rain delayed pace of 81%.

The Buenos Aires grains exchange said the Argentine bean crop is in good condition after recent rains. 98% of bean areas have adequate moisture with 44.4% of intended acres planted. Corn planting was 41.3% complete with 97% of areas in normal or excellent condition. They estimated wheat production at 18.6 mmt (USDA 17.5).

India said they would sell 2.5 mmt of wheat from state reserves to flour millers as the country continues to deal with expensive wheat prices. The 2.5 mmt figure is much lower than was expected as their government reserves have already been drawn down.

Agroconsult estimated Brazil’s bean crop at 172.2 mmt, which is above CONAB’s 166.1 mmt estimate, and the USDA’s 169 mmt estimate. They estimated exports at 103.4 mmt (USDA 105).

The European commission lowered their EU wheat production forecast again to 112.3 mmt with France’s crop the smallest since the 1980’s.

Russian exporters said they would not sell wheat to private Egyptian companies.

Corn traded an inside day on Wednesday with prices finishing near the low end of the recent range. The market is a bit oversold after the recent drop to the lower end of the range, but overall directional indicators are still neutral. Support for March is  4.23 with resistance 4.42.

Beans posted a higher high, higher low, and slightly higher close on Wednesday as the market is correcting from oversold after the recent drop to the bottom of the range.  Directional indicators are still leaning lower. Support for Jan. is near 9.80 and resistance 10.09.

No major changes to the corn outlook with range-bound trade expected to continue. Demand is strong, but supply is adequate. With the market working into he lower end of the range, look for buyers to start to step in.

Beans were able to bounce from lows on Wednesday, but the bearish outlook driven by growing South American production ideas is still in place. For beans to rally, the corn market will need to lead a move to the upside. Producers can look at puts to protect downside exposure.

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NO OVERNIGHT TRADE – MARKETS ARE CALLED MIXED THIS MORNING

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