Corn futures are mixed at midday with old crop higher while new crop contracts are lower.
Corn futures have fallen to their lowest levels since November this week, pressured by rapid planting progress and favorable early-season weather across key U.S. growing regions.
U.S. corn export sales for the week ending May 8 totaled 66 million bushels (mb) for the 2024-25 marketing year and 20 mb for 2025-26. Shipments reached 55.6 mb, surpassing the 46.8 mb weekly pace needed to meet the USDA’s target of 2.6 billion bushels (bb).
Soybean futures are sharply lower at midday, following a steep drop in soybean oil futures, which are limit down.
Energy markets are under pressure after overnight reports suggested that Iran may be willing to abandon its nuclear weapons ambitions in exchange for the immediate lifting of sanctions — raising concerns about a potential surge in crude oil supply hitting the market.
In trade news, India has reportedly expressed willingness to eliminate all tariffs on U.S. goods as a bilateral trade agreement between the two nations moves closer to completion.
Wheat futures are slightly higher at midday, continuing to rebound from oversold conditions and firming off recent lows as the market corrects.
On day two of the Wheat Quality Council Tour in Kansas, scouts surveyed 211 fields between Colby and Wichita, reporting an average yield of 53.3 bushels per acre (bpa). That’s 2.8 bpa higher than day one and about 10 bpa above last year’s estimate, reflecting improved crop conditions in the region.
Northern Europe looks to be dry for the next two weeks and same story for China’s primary wheat areas, where drought has expanded.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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