Corn futures are trading lower at midday, pressured by yesterday’s Crop Progress report which showed corn planting in the US at 12% complete, which is ahead of last year’s pace and the 5-year average.
Yesterday’s export inspections for corn were strong, coming in at 1.703 mmt, which compares to 1.661 mmt a year ago. Top destinations were Mexico, Japan, and South Korea.
Precipitation is expected to work its way through the Plains and Western corn belt over the next week limiting drought concerns as Spring planting progresses.
Soybean prices continue to trade higher at midday, following the rebound in the macro market.
Yesterday’s Crop Progress report showed soybean planting in the US at 8% complete, up 1% from a year ago and 3% higher than the 5-year average.
China could soon start to feel the pressure of starting negotiation talks with the US as it is expected that Vietnam, Japan, and India will have trade deals done.
Wheat prices remain lower at midday on faster planting pace and widespread moisture chances over the next week.
Yesterday’s Crop Progress report showed spring wheat plantings at 17% complete, up 10% from last week and 5% from the 5-year average. Winter wheat ratings were seen slipping 2% to 45% good-to-excellent.
SovEcon has raised their Russian wheat export estimate for the month of April from 1.90 mmt to 2.0 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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