Corn futures are bouncing at midday, supported by private weather groups calling for drier forecasts through August.
Yesterday’s Crop Progress report showed corn ratings unchanged from last week at 74% good-to-excellent, which is up from 68% during the same period last year.
Brazil’s corn harvest is advancing but sits at just 40% complete, well below last year’s pace of 70% at this time.
Soybeans are slightly higher at midday, supported by higher corn and wheat markets and expectations of higher NOPA crush numbers for June.
Monday’s Crop Progress report showed a 4% jump in ratings to 70% good-to-excellent, up from 68% during the same week last year.
June’s NOPA crush numbers will be released today and are expected to show an increase to 185.19 mb, which if realized would be up 5.5% from a year ago. Soybean oil stocks are seen at 1.37 billion pounds, which would be well below last year’s number of 1.622 billion pounds.
All three wheat classes are trading higher at midday, supported by technical support levels after testing multi-month lows in Chicago wheat.
Spring wheat ratings improved to 54% good-to-excellent, up from 50% the week prior but down from 77% good-to-excellent last year. Winter wheat harvest advanced 10% from last week to 63% complete.
Russia’s IKAR has lowered their wheat production forecast for the country to 84 mmt, down from the groups previous estimate of 84.5 mmt.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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