Corn continues to back off at midday, pressured by favorable growing conditions over the next 6-10 days.
The USDA announced that Mexico was a buyer of 104,000 tons of U.S. corn for delivery during the 2024/25 year. An additional 101,096 tons of U.S. corn were also sold to unknown destinations for delivery during the 2024/25 year as well.
The European Commission has cut their forecast for corn production from 65 mmt to 63.8 mmt.
Soybeans have reversed lower at midday on pressure from recent rainfall and a favorable weather outlook heading into June.
The U.S. trade court has ruled that many of President Trump’s global tariff policies were illegal and could have to be removed. The Trump administration has already filed a notice that they are planning to appeal the decision.
Malaysia is looking to implement the use of B30 biofuels in its transportation sector by 2030 as the country continues to increase its environmental sustainability efforts.
Wheat prices continue to trend lower at midday, pressured by overnight rains in Oklahoma and Kansas.
Sovecon has raised their Russian wheat export forecast for the 2025/26 season to 40.8 mmt, up from the groups previous estimate of 39.7 mmt.
The EU has slightly raised their total soft wheat production estimate from 126.3 mmt to 126.6 mmt.
Canada cut their wheat production estimate by 3% to 35.3 mmt due to dryness across the southern Prairies.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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