Corn futures are trading lower again this morning, with December dipping to a new contract low during overnight trade.
Rainfall continues to move through Iowa, Nebraska, and the Northern Corn Belt, reinforcing a largely non-threatening weather outlook for the U.S. corn crop into early July.
In Brazil, Agroconsult raised its estimate for second crop corn production to a record 123.3 MMT—10.4 MMT above their May forecast. The safrinha crop is expected to account for roughly 80% of Brazil’s total corn output this season.
Soybeans are trading slightly lower to start the day, following sharp losses over the past three sessions.
Soybean oil futures are also modestly weaker this morning, aiming to break a five-day losing streak. The recent cease-fire agreement between Israel and Iran has weighed heavily on crude oil, which is now $13 per barrel below Monday’s high—dragging soybean oil prices lower in tandem.
Monday’s Crop Progress report showed soybean conditions unchanged, with 66% of the crop rated good to excellent. Planting is now 96% complete, with 90% emerged—up from 84% the previous week. Additionally, 8% of the crop has reached the blooming stage.
Wheat futures are mixed this morning, with spring wheat holding near unchanged while the winter wheats are slightly lower.
For now, traders appear largely unconcerned with generally poorer winter wheat conditions across most states compared to 2024, despite weekly declines in Monday’s Crop Progress report and a slower-than-normal harvest pace.
Globally, favorable conditions in France and steadily improving crop estimates for Russia in recent weeks continue to weigh on wheat futures.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
