Corn markets trade mixed at midday, recovering from yesterday’s losses and gaining some momentum alongside strength in the soybean and wheat markets.
Weather remains generally favorable across key U.S. corn-producing regions, with rain in the forecast and warmer temperatures supporting crop development. While some areas continue to face drought, coverage has declined to just 9% of the U.S. corn crop.
“French corn conditions declined by 3% last week, while Argentina’s corn harvest is progressing into its final stages, now 79% complete.
U.S. corn is rated 74% good to excellent, and the crop remains on track to potentially achieve record yields this harvest.
Soybeans continue to trade higher at midday, supported by forecasts calling for hotter temperatures and limited rainfall in the week ahead. The entire soy complex is posting gains at midday.
The U.S. Secretary of Commerce suggested this week that trade talks with China are gradually progressing, fueling optimism for an in-person meeting between President Trump and President Xi later this summer or in early fall. This renewed trade optimism is adding support to the soybean rally.
The percentage of U.S. soybean acres under drought conditions fell by 2 points to 7%, though that’s still above the 5% reported at this time last year. However, with the hot and dry weather forecast, that number is expected to rise.
Wheat is trading mixed at midday, with momentum shifting amid global tensions and evolving weather conditions.
The percentage of U.S. winter wheat under drought conditions has risen by 5 points to 30%, compared to 24% at this time last year. Drought coverage for hard red spring wheat also increased, up 1 point to 36%.
Expanding harvests in the U.S., the Black Sea region, and the EU have weighed on global wheat prices, as new crop supplies continue to flow into the market. In France, the wheat harvest is now 71% complete.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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