Corn prices remain higher at midday on some short covering going into the weekend after the recent drop in prices.
Bage reported corn harvest in Argentine for the 2024/25 season has now reached 55.3%, up 5.7% from last week. The group left their production estimate of 49 mmt unchanged.
Datagro has raised their Brazilian corn crop estimate to 134 mmt, up almost 1% from the groups previous estimate.
Soybeans are seeing support today on short covering heading into the weekend potentially breaking a five-day losing streak.
Bage pegs Argentine’s soybean harvest for the 2024/25 season at 98.3% complete, up 1.8% from the week prior. The group kept their production estimate unchanged at 50.3 mmt.
Datagro raised bumped their soybean production estimate for Brazil by 1.5 mmt to 173.5 mmt.
Chicago and Minneapolis wheat remain higher at midday along with corn and soybeans on short covering and drought conditions increasing. HRW contracts are edging slightly lower at midday.
Winter wheat drought conditions climbed 6% to 20% under drought. HRS areas under drought also rose 3% to 25% under drought.
Bage reported wheat planting in Argentine advanced 12.4% to 72.7% complete.
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.
