Corn prices continue to trend weaker at midday, pressured by rainfall over the weekend and lower wheat prices.
Paran and Datagro have raised their corn production forecast for Brazil to 132.7 mmt, up from their previous forecast of 131.7 mmt last month.
EU corn yields are widely expected to be higher this season due to favorable weather conditions. Yields are expected to reach 7.45 mt per hectare compared to the 5-year average of 7.09 mt per hectare.
Soybeans have reversed lower at midday on pressure from the rest of the grain market, which is also weaker at midday due to rainfall over the weekend.
Datagro has raised their soybean production estimate for Brazil to 172 mmt, up from 171.2 mmt in their previous estimate.
Soybean acreage in India is reportedly set to shrink as farmers are looking to plant more corn and sugarcane due to higher returns. Lower oilseed output could force the world’s largest importer of edible oils to increase buying from other countries.
Wheat futures continue to drift lower after heavy rains moved through the Southern Plains over the holiday weekend.
Russia hit Ukraine with missile attacks over the weekend, leading President Trump to speak up on the possibility of further sanctions if peace talks aren’t negotiated.
According to the Rosario grains exchange, Argentina could be set to see their second-best wheat harvest for the 2025/26 season due to favorable weather and soil conditions for planting.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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