Corn is trading slightly lower to unchanged this morning as it stays near its lowest prices of the year. Last week’s WASDE report showed ending stocks of corn above 2 bb adding pressure.
In Brazil, 37% of the corn crop is reportedly planted despite continued hot and dry conditions in the central and northern regions and more rain in the already flooded southern region.
Ukraine’s grain harvest is ahead of last year’s by 42% with 21.2 mmt of corn harvested, more than double from last year’s 9.6 mmt at this time.
In Argentina, dry conditions are still a problem, but light rains are expected early this week. 25% of Argentina’s corn has been planted so far.
Soybeans are trading higher this morning as higher soybean meal provides support with strong demand, but soybean oil continues to trend lower.
The USDA announced over 100 million bushels of soybean sales last week which were mainly to China in a big turn around from the low exports a few months ago.
Brazilian farmers have planted 61.28% of their 23/24 soybean crop which compared to 73.44% at this time last year as dry conditions slow things down.
Ahead of the meeting between Joe Biden and Chinese president Xi Jinping, China has appeared to improve soybean diplomacy and closer ties with the US.
All three wheat products are lower this morning with KC and Minneapolis only slightly off their lows. The lack of export demand has put significant pressure on prices.
In last week’s WASDE report, Russian wheat production was estimated higher by 5 mmt to 90 mmt, but world wheat ending stocks are still forecast to be the lowest in 15 years.
Sales and shipments of US wheat for 23/24 are down 6% from a year ago, and this is on pace for the lowest export total in over 50 years.
The pace of the French wheat harvest has slowed down due to waterlogged fields and heavy rainfall in key growing areas dropping the pace below the 5-year average.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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