Corn futures are trading higher at midday as the market tries to stabilize near recent lows.
U.S.-China trade talks are reportedly progressing, though China’s corn imports remain underwhelming. Year-to-date imports total just 440,000 metric tons — down 95% from the same period last year, according to customs data.
Rainfall is moving through many of the driest areas of the western Corn Belt this week, with cooler-than-normal temperatures expected to follow. The forecast remains broadly supportive of early crop development across the Midwest.
Soybeans are slightly higher to begin the week as the market waits for developments on trade talks and EPA biofuel policy.
On Monday morning, USDA reported a private export sale of 145,000 metric tons of soybean cake and meal to the Philippines for 2024/2025 delivery.
In Argentina, heavy weekend rains dropped 6 to 10 inches in key soybean regions, causing flooding and raising concerns about potential quality issues for roughly half of the unharvested crop.
Wheat futures are rebounding Monday after hitting fresh contract lows last week.
Last week’s pressure came in part from the Kansas Wheat Quality Council tour, which reported a bearish yield estimate of 53.7 bushels per acre — the second highest on record.
Managed money funds have continued to pile onto the short side, pushing combined net short positions in Chicago and KC wheat to a record 204,000 contracts as of last Tuesday.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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