Corn prices continue to trend lower at midday following planting progress and rain showers across the Midwest.
Yesterday’s Crop Progress report showed corn planting at 24% complete, down 1% from last year, but up 2% from the 5-year average.
The Trump administration is allowing nationwide sales of E15 this Summer via an emergency waiver. This move comes in an effort to cool off prices at the pump and support the agriculture industry.
Soybeans remain weaker at midday following yesterday’s Crop Progress report showing above average planting pace.
Yesterday’s Crop Progress report showed soybean plantings at 18%, up 1% from last year and 6% above the 5-year average.
China’s agriculture ministry has reported that the country’s soybean meal usage for feed consumption could fall to 10% by 2030.
Wheat prices have reversed lower at midday on pressure from the rest of the grain market and rainfall in the Southern Plains.
Winter wheat ratings jumped to 49% good-to-excellent while HRW ratings improved 3% to 41% good-to-excellent. SRW conditions declined 1% to 63% good-excellent due to heavy rainfall. HRS seeding was seen increasing 13% from last week, now at 30% complete
Russia is expected to see a cold snap after a period of seasonally warm weather raising concerns over the size of the country’s crop.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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