Corn prices are drifting lower at midday, pressured by rains in the forecast for much of next week across the Midwest.
Despite the needed rainfall next week, the overall weather outllook for June-August leans warm and dry according to the NOAA.
Conab raised their corn production estimate in Brazil by 2.2 mmt to 126.9 mmt for the 24/25 season.
French corn is now seen at 90% complete, which is well ahead of last year’s 70% finished at this time.
Soybeans continue to trade higher at midday, supported by drought conditions across the US soybean area. Drought conditions jumped 2% from last week to 17%, this compares to 9% of the US soybean area seeing drought conditions last year.
BAGE reported that Argentine’s soybean harvest improved 20% last week and now sits at 65% complete.
Yesterday’s NOPA crush was larger than anticipated at 190.226 mb and was the highest on record for the month of April.
Wheat remains weaker at midday, pressured by beneficial rains scheduled for next week and better production prospects for Kansas.
Estimated wheat yields in Kansas are 53 bpa, according to scouts on the Wheat Quality Council tour. Currently that estimate if realized would be the highest yield for the state since 2021.
About 73% of the French soft wheat crop is rated as good or very good according to FranceAgriMer.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
