Corn futures are edging higher at midday, supported by a recovery from oversold levels
The July-December calendar spread has narrowed significantly, moving from a 33-cent inverse at the end of April to a 1-cent carry early this morning. Futures have been under pressure recently due to expectations of sharply increased U.S. acreage, a faster-than-normal planting pace, and improving drought conditions.
Global corn ending stocks are projected to decline by an additional 10 million metric tons in 2025–26, despite increased production in both Brazil and the United States.
Soybean futures are mixed at midday as traders await direction near recent highs, with weather and trade developments likely to determine the next move.
Soybean planting in the U.S. is running well ahead of the 5-year average, with several more days of clear weather forecast before rains return to the Midwest.
Traders remain hopeful for progress on 45Z, favoring proposals that prioritize North American feedstocks and exclude foreign used cooking oil.
Winter wheat futures have rebounded at midday, following new contract lows reached yesterday. Support is coming from a weaker U.S. Dollar Index and value buyers entering the market at oversold levels.
Improving global weather conditions continue to pressure wheat prices, with wetter forecasts ahead for both Ukraine and Russia in the Black Sea region.
Wheat futures hit new contract lows again on Tuesday, with Minneapolis futures also closing at fresh contract lows.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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