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