CORN

• Corn is trading slightly higher at midday after export sales announcements beat expectations.
• Weekly export sales for corn came in above expectations at 68 mb. Year-to-date commitments total 1.346 bb, which is 33% higher than a year ago.
• South American crop production remains favorable. Brazil’s Parana state agency reported that 95% of the corn crop is rated as good.
• LSEG raised their Brazil corn production number slightly to 126.7 mmt which is just below the USDA’s 127 mmt projection.

SOYBEANS

• Soybeans remain higher at midday, getting support from strong export sales announcements.
• Weekly export sales for soybeans came in at the upper end of expectations at 85 mb. Year-to-date commitments total 1.330 bb, which is 12% ahead of last year’s pace.
• Deral announced that crop conditions in Brazil continue to remain favorable with 92% of the Parana state crop rated as good.

WHEAT

• All three wheat contracts are higher at midday on reports of poor Russian winter wheat crop ratings. Winter wheat ratings in the country are 31% good, which is well below last year’s rating of 74%.
• Weekly export sales for wheat came in at 14 mb, which was in line with expectations. Year-to-date commitments total 571 mb, which is 19% better than last year.
• Ukraine’s July-December wheat exports reached 9 mmt, which is up over 50% from last year.
• LSEG made changes to their world wheat outlook. They increased Chinese production 1% to 141.6 mmt while also raising Australia’s wheat production 5% to 30.9 mmt.

Author

Tanner Wilson