Corn prices continue to trend higher at midday, supported by planting delays due to recent rainfall across the Midwest.
Ethanol production came in at 305 million gallons, which was up from 292 million gallons the prior week. Ethanol stocks fell to a 19-week low at 24.9 million barrels but are still above last year’s 24.2 million barrels for the same week.
LSEG raised their corn production estimate for Ukraine to 28.2 mmt. This was up 1% from their previous estimate.
Soybean futures continue to firm at midday, supported by a lower dollar and inability to break beneath support levels.
Anec sees Brazil’s soybean exports reaching 14.52 mmt in May, up from their previous estimate of 14.27 mmt.
EU oil seed and soymeal imports are up 11% and 13% respectively. EU vegetable imports, however, are down 24%.
Wheat futures strengthen at midday, supported by weakness in the dollar and concerns over crop conditions.
Argentina’s Economy Minister, Luis Caputo reported that Argentina will extend the deadline for export tax cuts for wheat shipments until March of 2026. The original deadline for the tax cut was set to expire on June 30, 2025.
Weather forecasts for Missouri and Southern Illinois are calling for 3 to 5 inches of rain over the next week which could help to keep some level of support for prices.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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