Corn futures are trading near unchanged this morning, stabilizing after yesterday’s first notice day selloff. The 10-day forecast remains favorable for planting across much of the Corn Belt, supporting continued fieldwork.
Traders appear comfortable unwinding weather risk premium, as faster-than-normal planting progress and shrinking drought areas ease supply concerns.
Corn demand and shipments remain strong, with last week’s export inspections totaling 65.1 million bushels, pushing cumulative exports to 1.610 billion bushels—362 million above last year’s pace.
Soybeans are trading lower again this morning, extending losses from yesterday as strong planting progress and ongoing trade uncertainty continue to weigh on the market.
Weaker crude oil prices have begun to pressure soybean oil futures this week, eroding some of the recent strength driven by speculation over a favorable biofuel subsidy and increased demand following tariffs on China’s used cooking oil exports.
With this morning’s decline, July soybean futures have slipped back below the 200-day moving average—a key technical level that has acted as resistance for front-month contracts over the past two years.
All three wheat classes are trading near unchanged this morning, following new contract lows earlier this week in both Chicago and Kansas City wheat.
Heavy rainfall is expected across the central and southern U.S. over the next 10 days, with parts of Oklahoma and Texas at risk of flooding that could potentially damage the winter wheat crop.
For the month so far Chicago wheat futures are down about 23 cents while Kansas City futures are down nearly 40 cents.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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