Corn prices are softer at midday on continued pressure from larger expected corn acres for this season.
Weekly export sales for corn totaled 40.9 mb, which was toward the upper end of trade expectations. Year-to-date commitments are at 2.088 billion bushels, up from 1.689 billion bushels last year.
South Africa’s Crop Estimates Committee has raised their total corn crop estimate for 2025 by 4.7% to 14.6 mmt. According to the committee, this would be 13% larger than 2024’s crop total.
Soybean futures are gaining momentum at midday on concerns over smaller bean acres in the US.
Weekly export sales for soybeans came in at 11.6 mb, which was on the low end of expectations. Year-to-date commitments total 1.681 billion bushels, up from 1.482 billion bushels last year.
Brazil’s soybean harvest has rapidly progressed as weather conditions have turned warmer and drier allowing for quick progression. Current production estimates sit at 169.3 mmt, which is down less than 1% from the previous estimate.
According to Anec, Brazil’s soybean exports could reach a record during March. Shipments are estimated to reach between 15-16.1 mmt, which compares to 13.5 mmt during March 2024.
Wheat prices remain lower at midday on rain chances for much of the Central Plains states and Eastern corn belt.
Weekly export sales for wheat totaled 4.1 mb, which was on the low end of expectations. Year-to-date commitments total 767.9 mb, up from 688.3 mb last year.
The USDA announced the sale of 100,000 mt of US wheat to Taiwan overnight.
Tensions between Russia and Ukraine are still persistent as their proposed agreement has not been activated yet. Russia has said they will move forward with the black sea grain agreement but not before they have access to the global SWIFT payment system, which the US has not confirmed the reinstatement yet.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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