Corn continues to trade higher at midday, supported by short covering after a streak of lower trading for both July and December futures.
Monday’s Crop Progress report showed corn planting progressed 6% from the week prior to 93% complete. This is right in line with the 5-year average and ahead of last year’s pace.
AgRural has raised their corn production estimate for Brazil from 124.8 mmt to 128.5 mmt for the 2024/25 season.
Soybeans remain firm at midday as 17% of the soybean area in the US is currently under drought. This compares to just 2% of the area under drought this time last year.
Yesterday’s Crop Progress report showed soybean planting now sits at 84% complete, up 8% from last week and 4% higher than the 5-year average.
AgRural increased their soybean production estimate for Brazil to 169 mmt, up from 167.7 mmt in their previous estimate.
All three wheat classes are now trading higher at midday on support from drought conditions across the HRS growing area.
Yesterday’s Crop Progress report showed Spring wheat planting jumping 8% to 95% complete. This compares 93% complete during the same week last year and the 5-year average of 90% planted. Winter wheat conditions were seen improving 2% to 54% good-to-excellent.
The Australian Bureau of Agriculture and Resource Economics and Sciences has projected a 10% cut to the wheat output in the country to 30.6 mmt. The group cited dry conditions as the reason for the cut.
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