Corn continues to trade mixed at midday. Planting progress is adding pressure to deferred contracts while the two front month contracts are up slightly after yesterday’s down day.
Yesterday’s Crop Progress report showed corn planting at 40% complete which compares to 24% last week and the 5-year average of 39%.
Agriculture group Celeres raised their total corn production outlook for Brazil from 134.6 mmt to 135.4 mmt. This compares to 129.2 mmt produced during the 2023/24 season.
Soybean futures remain weaker at midday, pressured by planting progress and favorable weather conditions.
Yesterday’s Crop Progress report showed soybean planting at 30% complete, which compares to 18% last week and the 5-year average of 23%.
Brazil’s soybean premiums have now fallen below US prices which now raises concerns that there could be a lack of demand for US soybeans.
Wheat is trending higher at midday, supported by weather concerns in Texas and Oklahoma which are expected to see more rainfall than is needed.
Yesterday’s Crop Progress report showed winter wheat ratings improved 2% from last week to 51% good-to-excellent. Spring wheat planting jumped 14% from last week to 44% complete but is 10% above the 5-year average at this time.
Russia’s IKAR has raised their wheat production forecast to 83.8 mmt, up from their earlier estimate of 82.5 mmt. IKAR also raised their Russian wheat export estimate to 41.3 mmt, up from their previous estimate of 40 mmt.
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