Corn futures remain slightly weaker at midday following yesterday’s gains. Harvest pace in South America is also contributing to the slight weakness.
Brazil’s Ag Ministry reported that corn exports during the month of May only reached 39k mt, down from 413k mt a year ago.
SovEcon has increased their corn production estimate for Ukraine by 1.5 mmt to 28.3 mmt.
Soybeans are leaning higher at midday on support from a warmer and drier weather outlook over the next 8-14 days.
The Buenos Aires Grain Exchange estimates that soybean harvest in Argentina has reached 88.7%, up 8% from last week.
Brazil’s Ag Ministry reported that the country’s soybean exports for the month of May reached 14.1 mmt, up from 13.437 mmt during the same period last year.
All three wheat classes are trading lower at midday pressured by a slightly higher dollar and a weaker corn market.
According to the UN’s Food and Agriculture Organization, global wheat stocks for the 2025/26 season are seen at 310 mmt, down from 316.8 mmt last season.
BAGE pegged wheat seedings in Argentina at 23.6% complete, up from 10.5% last week.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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