Corn futures are mixed to slightly lower at midday, with December futures on pace for their sixth consecutive lower close.
An active pattern across the Corn Belt is bringing a near-ideal mix of rain and sunshine, setting up excellent early-season conditions for the quickly planted crop as it heads into mid-June.
Corn export sales for the week ending May 22 totaled 36.1 mb for 2024-25 and 1.2 mb for 2025-26. Shipments reached 62.9 mb, well above the 45.2 mb weekly pace needed to hit USDA’s 2.6 bb target. Total commitments now stand at 2.527 bb, up 28% from a year ago.
Soybean futures are lower at midday as favorable U.S. weather and lack of new news weighs on the market.
Soybean and soybean oil futures remain rangebound as the market awaits long-delayed updates to U.S. biofuels policy, particularly the Renewable Fuel Standard’s volume obligations.
U.S. soybean meal export sales for the week ending May 22 totaled 179,000 tons for the upcoming marketing year — over three times expectations and the 8th largest combined weekly total on record.
Wheat futures are mixed at midday, with winter wheat futures lower and spring wheat futures higher.
Tuesday’s Crop Progress report showed spring wheat rated just 45% good to excellent — the lowest initial rating since 2021 and well below expectations.
India’s ag ministry estimates this year’s wheat crop at a record 117.5 MMT, up 4 MMT from last year, making imports increasingly unlikely.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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