Corn futures are trending lower at midday, pressured by favorable growing conditions and beneficial weather outlook heading into the first part of June.
Yesterday’s Crop Progress report showed corn planting at 87% complete with 67% of the crop emerged. Initial crop ratings are seen at 68% good-to-excellent, which was below the average guess of 73%.
South Africa’s Crop Estimates Committee has lowered their corn production forecast slightly to 14.6 mmt, down 0.1% from their previous estimate.
Soybeans are seeing weakness at midday, pressured by recent rains and planting progress outpacing the 5-year average.
Yesterday’s Crop Progress report showed soybean planting has now reached 76% compared to the 5-year average of 68% at the same time. 50% of the crop has also emerged.
According to Anec, Brazil’s soy exports are now seen reaching 14.03 mmt in May compared to the group’s previous estimate of 14.52 mmt.
Wheat futures remain slightly higher entering midday as prices rebound following yesterday’s sell-off.
Yesterday’s Crop Progress report showed winter wheat conditions at 50% good-excellent, down 2 points from last week but 2 points higher from the same week last year. Spring wheat ratings are seen at 45% good-to-excellent, which was well below the average trade guess of 70%.
The EU’s soft wheat exports as of May 25th totaled 18.8 mmt, down 34% from a year ago.
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.
