Corn is following the wheat market higher at midday. December corn is making a push up to the recent range of resistance near 434.
According to AgRural, Brazil’s summer corn planting in the Center-South region has reached 86% complete compared to 80% last year.
Algeria announced a tender for 240,000 mt of corn.
Soybeans continue to lean lower at midday on better South America production prospects and shifting China demand due to potential tariffs.
According to AgRural, Brazil’s 24/25 soybean planting is now 80% complete. This compares to 67% a week ago and 68% last year.
Yesterday, the USDA announced export sales of 261,264 mt of soybeans to Mexico, 135,00 mt of soybean meal to the Philippines and 30,00 mt of soybean oil to India.
Wheat is strengthening at midday as war tensions between Russia and Ukraine increase.
Ukraine’s Ag Minister announced the possibility of their 2025 wheat crop reaching 25 mmt compared to 22 mmt this year.
Corteva Agriscience announced a new seed development in their non-GMO winter wheat which could improve yields by up to 10%.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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