Corn prices are being pulled down by the wheat market as well as planting reaching the home stretch.
Monday’s Crop Progress report showed corn planting in the U.S. has now reached 97%, up 4% from last week and in line with the 5-year average.
According to AgRural, Brazil’s winter corn harvest is off to its slowest start since 2021, sitting at just 1.9% complete. This compares to 10% harvested in the same week last year.
Soybeans have reversed higher at midday on optimism from trade talks between the U.S. and China yesterday.
Yesterday’s Crop Progress report showed soybean planting at 90% complete, up from 84% last week and 2% ahead of the 5-year average.
The Malaysia Palm Oil Board has reported that palm oil inventories in the country have increased to an eight-month high of 1.99 mmt. Production was also seen climbing 5.1% to 1.77 mmt.
All three wheat classes continue to drift lower, pressured by global increases in total wheat output and yesterday’s crop ratings.
Yesterday’s Crop Progress report showed Spring wheat ratings improving to 53% good-to-excellent but remain well below last year’s rating of 72% good-to-excellent. Winter wheat ratings improved 2 points from last week to 54% good-to-excellent.
SovEcon raised their Russian wheat production forecast by 1.8 mmt to 82.8 mmt. The group cited good weather in the Southern region as the reason for the increase in production.
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