Corn prices remain higher at midday, supported by the 90-day tariff pause that went into effect at 12:01am this morning.
Weekly corn export sales were in line with trade expectations at 40 mb. Year-to-date commitments total 2.166 billion bushels, up 24.5% from last year.
Conab raises their estimate for Brazil’s total corn crop for the 2024/25 season to 124.74 mmt, up from their last estimate of 122.76 mmt.
The Rosario Grains Exchange sees Argentina’s corn crop at 48.5 mmt compared to their last forecast of 44.5 mmt.
Soybeans are firm at midday, getting support from the US pausing tariffs as well as the EU pausing tariffs on US products.
Weekly soybean export sales totaled 6 mb which was below trade expectations. Year-to-date commitments currently sit at 1.703 billion bushels, up 14% from a year ago.
Conab has raised Brazil’s 2024/25 soybean crop estimate from 167.37 mmt to 167.87 mmt.
Wheat prices have backed off at midday, pressured by anticipation that today’s WASDE report will show increases to US and world ending stocks.
Weekly wheat export sales came in at 8 mb which was in line with expectations. Year-to-date commitments total 784 mb, up 13% from last year.
IKAR sees Russia’s wheat harvest at 82.5 mmt. They also view Russia’s total grain harvest at 129.5 mmt compared to 126 mmt harvested last year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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