Corn futures remain lower at midday, pressured by friendly weather forecasts and crop conditions sitting at 9-year highs.
Monday’s Crop Progress report showed corn ratings unchanged from last week at 74% good-to-excellent, and up from 67% last year.
AgRural has increased their corn production estimate in Brazil to 136.3 mmt, up from their previous estimate in June of 130.6 mmt. Harvest advanced to 55% complete, up from 40% last week.
Soybeans continue to see some weakness at midday as recent rainfall is keeping pressure on prices. January soybeans are trading just above the 100 and 200-day moving averages.
Yesterday’s Crop Progress report showed soybean conditions dropping 2 points from the week prior to 68% good-to-excellent. This is on par with ratings during the same week last year.
Limited fresh news on the soy side and more precipitation slated for this week across much of the Midwest may keep downside pressure on prices.
Wheat prices have reversed higher at midday, supported by a drop in crop ratings and increasing concerns over a damaged crop.
Spring wheat ratings dropped 2 points from last week to 52% good-to-excellent and still remains well below last years rating of 77%. Winter wheat harvest jumped 10% to 73% complete this week but remains slightly behind last year’s pace of 75% done at this time.
IKAR has lowered Russia’s wheat output slightly to 83.5 mmt citing poor yields in the southern region as a reason for the cut.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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