Corn struggles to hold on to gains at midday after wheat pulls back.
Monday’s Crop Progress report showed corn harvest at 91% complete compared to 81% a week ago and the 5-year average of 75%.
AgRural estimates Brazil’s first corn crop plantings are at 60% complete.
StoneX lowered their 24/25 corn yield estimate from 184 bpa last month to 183.7 bpa.
Soybeans remain firm at midday on yield cut forecasts and stronger energy prices.
Monday’s Crop Progress report showed soybean harvest at 94% complete compared to 89% a week ago and the 5-year average of 85%.
AgRural estimates that Brazil’s soybean plantings are at 54% complete.
StoneX lowered their 24/25 soybean yield estimate from 53.5 bpa last month to 52.6 bpa.
Argentina’s soybean export sales continue to be strong. The country’s oilseed consultancy announced export revenue was 200% higher in October than it was in October of 2023.
All three wheat contracts have pulled back at midday on additional rain in the forecasts for the Plains states.
Monday’s Crop Progress report showed winter wheat plantings at 87% compared to 80% a week ago and the 5-year average of 89%.
Russia’s Ag Minister said that the country could lose between 20 mmt and 22 mmt of grains this year.
Egypt purchased 290,000 mt of wheat in their tender with Ukraine, Romania, and Bulgaria origins.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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