CORN

• Corn remains lower at midday on forecasted rainfall in South America and favorable weather conditions in the Midwest which should speed along harvest progress.
• Monday’s Crop Progress report showed corn harvest at 30% versus 31% a year ago. Good-to-excellent ratings were also unchanged for the second week in a row at 64%.
• AgRural has reported that Brazil’s first corn crop is 37% planted versus the average of 39%.

SOYBEANS

• Soybeans are weaker at midday on favorable harvest weather in the US and Brazil’s upcoming monsoon season which would bring beneficial rainfalls.
• Monday’s Crop Progress report showed soybean harvest at 47% which is 10% ahead of last year’s pace and 13% above the 5-year average. Good-to-excellent ratings fell 1% to 63% from a week ago.
• The USDA confirmed a sale of 166,000 mt of US soybeans to China for 24/25.

WHEAT

• The wheat complex is trading lower at midday along with corn and soybeans.
• Monday’s Crop Progress report showed Winter wheat plantings at 51% compared to 52% last year and 53% for the 10-year average.
• Russia continues to attack Ukrainian ports in which many believe is an attempt to slow down export business which the government has been using to fund the ongoing war.
• StoneX has lowered their Brazil wheat crop estimate from 8.09 mmt to 7.89 mmt.

Author

Tanner Wilson