Corn futures are mostly weaker at midday, pressured by improving favorable weather which will help speed along planting progress.
Weekly corn export sales came in at 50 mb, which was in line with trade expectations. Year-to-date commitments total 2.313 billion bushels which is up 11% from last year.
The Buenos Aires Grain Exchange pegs Argentine’s corn harvest at 31.3% done, up from 29.7% complete last week.
Soybean prices are trending lower at midday, pressured by falling crude oil prices and harvest progressing in South America.
Weekly soybean export sales totaled 18 mb, in line with expectations. Year-to-date commitments sit at 1.742 billion bushels, up 13% from a year ago.
Argentine soybean harvest jumped to 23.6% complete up from 14.5% last week according to The Buenos Aires Grain Exchange.
Soybean oil for use in biofuels dropped to 576 million pounds, down from 654 million pounds in January.
Wheat futures remain firm at midday, supported by increased domestic usage and potential for increased global demand as US prices remain competitive.
Weekly wheat export sales were in line with trade expectations at 12 mb. Year-to-date commitments total 785 mb, up 14% from last year.
Ukraine’s wheat exports during the month of April fell 56% from April of 2024 due to shrinking stocks.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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