CORN

• Corn is trading slightly lower this morning as the speedy pace of planting pressures prices.
• North Dakota is the outlier in planting progress with wet fields causing them to be only 32% complete with over 2.6 million acres left to plant.
• Traders are uneasy buyers as the threat of more Chinese cancellations remains a threat.
• Brazil is expected to harvest a very large second corn crop thanks to high yields. They are projected to export 54 million tonnes of corn in 22/23.

SOYBEANS

• Soybean futures closed down hard yesterday wiping out all gains from the previous day and are lower again this morning along with both soy products.
• July soybean meal is making new lows as Brazil exports soybeans into Argentina so that they can offset their crush facilities from their poor crop.
• Brazilian soy exports have reportedly reached 15.9 mmt in May which was above expectations of 15.76 mmt.
• In the EU, soybean imports fell by 12% for the 22/23 year, while rapeseed imports rose by 40%.

WHEAT

• All three wheat products closed higher yesterday but all three are lower this morning along with the rest of the grain complex.
• Yesterday, markets got a boost from the report that Russia was not allowing Ukraine’s largest port to receive vessels, and Russia is reportedly slowing down other ship traffic as well.
• Soft red winter wheat yields in Illinois are now being estimated at a whopping 97.12 bpa by the Illinois wheat association which exceeds the USDA’s forecast of 78 bpa.
• Ukraine’s grain exports have fallen by 4.6% so far in the season that began last July with wheat exports declining by 18%.

Author

Amanda Brill