CORN

• Corn reverses lower at midday following the rest of the grain market. December corn is looking at a second straight day of lower trading after running into some resistance around the 430 level.
• Brazil’s first corn crop planting is estimated to be 72% complete, compared to 59% last week and 76% a year ago.
• France has increased their corn production estimate from 14.5 mmt last month to 14.6 mmt.
• The USDA confirmed a sale of 110,500 mt of US corn for delivery to Mexico in 24/25.
• Algeria tendered for 240,000 mt of corn overnight thought to be from South America origin.

SOYBEANS

• Soybeans continue to trade lower at midday on fear of a potential trade war between US and China leading to weakness in demand. Sharply lower soybean oil is also adding pressure to the market.
• It is reported that Brazil’s soybean planting has reached 67% compared to 54% last week.
• Central and Northern Brazil continue to see favorable weather conditions, adding fuel to large production totals and pressuring the soybean market.

WHEAT

• All three wheat contracts are trading lower at midday on increased farmer selling due to rainfall in key growing parts of the US and a higher US dollar.
• Winter wheat ratings are expected to see additional improvements in this afternoon’s crop progress report after rainfall in the Plains states. Good-to-excellent ratings currently sit at 45%.
• Ukraine’s winter wheat plantings are 96% complete according to the agricultural ministry. Of that total 4.4 hectares (10.9 million acres) of winter wheat has been planted, 97% of the expected area.

Author

Tanner Wilson