Corn prices continue to drift lower at midday as much of the Eastern corn belt is expected to see rain this next week.
Corn planting is well under way for much of the Southern US. Louisiana sits at 61% planted, followed by Texas at 45%, Mississippi at 14%, and Oklahoma at 10%.
The Rosario Grain Exchange reported that corn harvest in Argentina has reached 23% but continues to advance at a slow pace due to high humidities.
Soybean futures continue to be choppy at midday with limited news and continued tariff uncertainties.
The US and China are scheduled to meet sometime this week to discuss how to move forward amid the ongoing trade war. Tensions are still high between the two countries so a deal may not be made right away.
AgRural lowered their soybean production estimate for Brazil to 165.9 mmt, well below the USDA’s projection of 169 mmt. As of March 20, 77% of the crop was harvested, compared to 70% complete last week and 69% the same week last year.
Wheat prices remain weaker at midday on forecasted weather calling for rainfall for much of the SRW growing areas in the US over the next week.
Winter wheat ratings were seen improving 1% to 49% good-to-excellent for Kansas. Oklahoma continues to be hampered by drought conditions and severe weather threats. Good-to-excellent ratings for the state fell 9% to 37%.
The USDA Attache in Mexico City reported that 25/26 production could only amount to 1.6 mmt, which would be down 40% from last season.
IKAR has raised their Russian wheat production forecast for the 25/26 season from 81 mmt to 82.5 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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