Corn futures are under pressure to start the week as forecasts call for an expanded planting window across the Midwest later this week.
Monday’s USDA Crop Progress report is expected to show corn planting between 24% and 26% complete as of Sunday.
In Argentina, the Buenos Aires Grain Exchange reported corn harvest at 30% complete, with steady crop conditions and an unchanged production estimate of 49 million metric tons.
Soybean futures opened the week slightly lower, with soybean meal under pressure while soybean oil held modest gains.
Traders anticipate Monday’s USDA Crop Progress report will show U.S. soybean planting between 18% and 21% complete as of Sunday. Early-week rains are expected to briefly slow planting before warmer, drier weather returns heading into the weekend.
U.S. Agriculture Secretary Rollins suggested that several new trade deals could be announced as early as this week. However, relations with China remain uncertain, with President Trump confirming multiple conversations with President Xi Jinping but no formal trade negotiations yet underway.
Wheat futures opened the week sharply lower, pressured by forecasts calling for continued moisture across the southern Plains over the next two weeks.
Traders are anticipating a 1%–3% improvement in winter wheat good-to-excellent ratings in this afternoon’s USDA Crop Progress report.
Losses in Paris milling wheat futures on Monday added additional outside pressure to the U.S. wheat market.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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