Corn remains weaker at midday as weather remains favorable for planting to continue to progress rapidly.
Yesterday’s Crop Progress report showed corn planting jumped 22% from last week to 62% complete. This also compares to 47% done at this time last year.
The USDA raised Brazil’s corn crop to 130 mmt, up from 126 mmt in their previous estimate.
Soybeans continue to trade lower at midday despite yesterday’s WASDE report, which showed friendly data.
Yesterday’s Crop Progress report showed soybean planting in the U.S. at 48% complete, compared to 30% last week and 34% done at this time a year ago.
Despite trade negotiations between the U.S. and China to back off tariffs for 90-days, a rising dollar is keeping Brazil more competitive for export business.
The wheat market is trying to bounce higher at midday but is still feeling pressure from a rising dollar which makes the U.S. less competitive on the world stage.
Yesterday’s Crop Progress report showed Spring wheat planting at 66% done compared to 44% last week. Winter wheat conditions are seen at 54% good-to-excellent, which compares to 51% good-to-excellent last week.
Weather outlook for the Plains states this week shows rainfall over the next week, which could boost conditions. However, in the Northern Plains, temperatures could reach up into the 90s followed by lows into the 30s this weekend.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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