Corn edges higher, lifted by the wheat market and war tensions increasing between Israel and Iran.
The Buenos Aires Grain Exchange left their corn production estimate for Argentina unchanged at 49 mmt, down from 51.6 mmt last year.
Ukraine has completed corn sowing for the 2025 season. According to the farm ministry, there are an estimated 4.031 million hectares of corn sown.
Soybeans are bouncing at midday on newfound strength related to updated biomass diesel quotas for 2025, 2026 and 2027.
The Renewable Fuels Association released the new biomass quotas today, which now stand to be at 3.35 billion gallons for 2025, 5.61 billion gallons for 2026, and 5.86 billion gallons for 2027.
The Buenos Aires Grain Exchange slightly raised their soybean production forecast for Argentina from 50 mm to 50.3 mmt.
Monday will be the release of the May NOPA crush report. Average analyst guesses are at 193.519 mb, which if realized, would be up 1.7% from April and up 5.4% from May of 2024.
All three wheat classes are higher at midday, supported by Israel attacking Iran overnight, leading to further tensions between the two countries.
BAGE reported that wheat seeding in Argentina is now seen at 38.5% complete, up from 23.6% last week.
The USDA reported that the Taiwan Flour Miller’s Association bought an estimated 95,450 mt of milling wheat from the U.S. yesterday.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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