Corn futures are getting some flow over support from Tuesday’s higher session. Weather forecasts for the second half of June are also turning drier, which is keeping support under the market.
Ethanol production increased to 325 million gallons, up from 310 million gallons last week and 3% higher from the same week last year. Ethanol stocks rose to 24.4 mb, up from 23.1 mb a year ago.
Ukraine’s Ag Minister estimates the countries corn output could be near 26 mmt. This compares to the USDA’s estimate of 30.5 mmt.
Soybeans and the rest of the soy complex are firm at midday on support from US and China’s scheduled negotiation talks today.
EU soybean imports for the 2024/25 season are at 12.94 mmt, up from 12.13 mmt last season.
Malaysia’s palm oil stocks are seen rising in May to 2.01 mmt according to a survey put out by Reuters. This would be the third straight month of higher stocks as production rebounds.
Chicago and HRS wheat remain higher at midday, supported by extended weather forecasts calling for warm and dry weather not only in the US but other countries as well.
LSEG’s wheat production estimate for Ukraine was left unchanged at 20.1 mmt, but mentioned drought risks across the country are increasing.
China has approved imports of coarse ground wheat and rye flour from Russia. This comes as concerns over production rise due to the country dealing with drought conditions.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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