Corn prices are soft at midday, pressured by weather forecasts which show rain for much of the Midwest over the next week.
Brazil’s government is ready to move forward with raising the ethanol blend in the country to 30%, up from 27% currently.
Corn planting in Texas is viewed as 32% complete, which is in line with last year but 1% lower than the 5-year average.
Soybean futures remain slightly higher at midday on forecasted rainfall in South America which would slow their harvest progression.
Yesterday’s NOPA crush came in at a 5-month low at 177.87 mb, down from 187.9 mb in January. Bean oil stocks hit an 8-month high of 1.503 billion bushels in February.
Indonesia is set to raise their palm oil export tax from the current 3%-7.5% to 4.5%-10% to support the mandate to increase palm oil usage in biodiesel.
President Trump hinted at the possibility that an agreement between the US and China could come in the near future which could give the soy-complex a boost.
Wheat prices remain steady at midday on support from warm and dry conditions in the US southern Plains states.
Yesterday’s weekly crop report showed US winter wheat ratings declining in both Kansas and Colorado by 4% and 7% to 48% and 60% respectively. Oklahoma and Texas good-to-excellent ratings were unchanged from the week prior at 28% and 48% respectively.
President Trump and Russia’s Putin are expected to have a phone call today about a potential ceasefire agreement.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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