Corn futures are weaker, pressured by sharply lower wheat prices and rainfall throughout the Midwest.
Monday’s Crop Progress report showed corn ratings fell 2% to 70% good-to-excellent but is up from 69% a year ago.
AgRural reported that Brazil’s safrina corn harvest is just 13% complete, well behind last year’s pace of 34% for the same time period.
Soybean prices are weaker at midday on continued pressure from rain showers across much of the soybean growing areas.
Yesterday’s Crop Progress report showed soybean ratings unchanged from last week at 66% good-to-excellent but is down 1% from last year.
According to the Indonesian Palm Oil Association, Indonesia’s palm oil exports dropped to 1.78 mmt in April down from 2.88 mmt in March.
Wheat futures are sharply lower at midday on news of a ceasefire agreement between Iran and Israel.
Winter wheat harvest advanced to 19% complete but is down from 38% at this time last year. Winter wheat ratings fell to 49% good-to-excellent which compares to 52% the same week a year ago. HRS conditions were also seen falling 3% to 54% good-to-excellent, well behind last year’s rating of 71%.
ASAP-Agri has lowered their Ukrainian wheat output by 3% to 21.74 mmt. The group also stated yields could fall 3.5% to 4.37 tons per hectare.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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