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 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.
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.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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