Corn futures have backed off at midday after a reversal in the wheat market and ethanol production rebounding.
Today’s Weekly Ethanol Production report showed production totaling 329 million gallons, up from 325 million gallons the week prior. Ethanol stocks were seen dropping to 23.7 million barrels, which is the lowest level since December 2024.
Thursday’s WASDE report is widely expected to show Brazil’s corn crop increasing by 1 to 2 mmt. However, Brazil is expected to increase domestic usage for animal feed and ethanol production which could limit export quantities.
Soybeans have fallen at midday on expected increases to ending stocks in tomorrow’s WASDE report for both old and new crop.
Abiove has left their soybean production estimate unchanged for Brazil at 169.7 mmt for the 2024/25 season.
According to Anec, Brazil’s soybean exports for the month of June are seen at 14.08 mmt. This compares to 12.55 mmt just a week earlier.
Minneapolis wheat futures remain higher at midday, while Chicago and HRW contracts have reversed lower. Weather forecasts are calling for rain next week but are not supposed to hit HRW growing areas which have seen plenty of moisture so far this season.
EU soft wheat exports as of June 8th totaled 19.5 mmt, down 33% from the same period last year.
China’s agricultural ministry reported that wheat harvest in the country is now at 74.7% complete as of June 10th.
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