Corn prices continue to trade higher at midday on support from yesterday’s news that the Thai feed industry was considering purchasing $2.8 billion worth of US agriculture commodities.
Argentina corn production is forecasted slightly higher to 47.9 mmt due to favorable rainfall throughout the region.
Nutrien Ag Solutions estimates that corn acreage is up to 93 million acres, up from 90.6 million acres a year ago. They suggest a record fertilizer sales year could be on the way.
Soybean prices remain firm at midday, getting support from lowered production forecasts globally.
The International Grains Council has lowered the global soybean production estimate from 420 mmt to 418 mmt.
Agroconsult lowered their estimate for Brazil’s soybean output by 1.1 mmt to 171.3 mmt. Despite the large cut in production, Brazil is still expected to see a record
Wheat prices have turned lower at midday on warmer weather next week for the Midwest and Plains states.
According to the French Agriculture Ministry, French farmers have planted 6.35 million hectares of wheat, up 7.2% from last year.
Russia’s grain exports are expected to reach 55-57 mmt, down from 71 mmt last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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