Corn is mixed to start the day with the two front months trading higher while the deferred contracts trade lower. Yesterday, prices were pressured by falling crude oil values, and July corn posted the lowest close since December 2024.
Yesterday’s Crop Progress report saw that the corn crop is now 40% planted which compares to 24% last week and the 5-year average of 39%. 11% of the crop is emerged which is on par with a year ago at this time.
The US inspected 1,608k tons of corn for export last week which compared to 1,666k tons the previous week and 1,299k a year ago. Top destinations were Mexico, Japan, and Colombia.
Soybeans are trading lower this morning following yesterday’s move lower on falling crude and soybean oil. July futures are now at support at the 100-day moving average and have not broken out of their trading range. Soybean meal is higher while bean oil is lower.
Yesterday’s Crop Progress report saw that the soybean crop is 30% planted which compares to 18% last week and the 5-year average of 23%. 7% of the crop is emerged which compares the the average of 5%.
The US inspected 324k tons of soybeans for export last week which compared to 458k the previous week and 358k a year ago at this time. Top destinations were Mexico, China, and Japan.
Wheat is mixed to start the day with Chicago and KC wheat trading higher while Minneapolis is slightly lower. Winter wheat crop conditions were improved in yesterday’s report which is likely adding pressure.
44% of the spring wheat crop is planted which was below the average trade guess and compared to 30% a week ago. 13% of the crop is emerged which compares to the average of 9% at this time. Winter wheat conditions improved to 51% from 49% a week ago, and were also above the average trade guess.
The US inspected 310k tons of wheat for export last week which compared to 649k the previous week and 339k a year ago. Top destinations were to Mexico, the Philippines, and South Korea.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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