Corn is trading higher at midday on South American rainfall which will further slow the planting pace in the region.
AgRural reported that Brazil’s corn planting currently sits at 9% complete while IMEA reported that the Mato Grasso area is just 6.3% planted, well behind the 5-year average of 22.2% complete.
StoneX raised their corn production estimate for Brazil to 129.4 mmt which if realized would be 6.9% above last year.
Corn used for ethanol in December fell to 473.2 mmt which is down 2.3% from a year ago.
Soybeans have reversed higher at midday on hopes that President Trump and China’s Xi can make a deal on tariffs.
The December crush report from yesterday afternoon showed a new all-time high of 217.7 mb which was 6.6% higher than in November.
Soybean harvest continues to lag behind last year’s pace at just 9% complete compared to 16% at this time last year. Mato Grosso harvest is 12.2% done compared to the 5-year average of 25.3% complete.
Wheat prices are back in the green at midday on mixed winter wheat ratings and a cold and dry forecast for the Plains states over the next 6-10 days.
Winter wheat ratings were mixed with Kansas improving 3% to 50% good-to-excellent while Oklahoma fell 5% and Texas down 1%.
SovEcon raised their Russian wheat export forecast 2 mmt to 38.4 mmt. They also lowered Ukraine exports slightly from 16.4 mmt to 16.2 mmt.
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