Dalian corn futures fell and U.S. rains are aiding crop prospects amid expectations for a strong U.S. and record Brazil crop.
Weaker U.S. corn export outlook could lift 25/26 carryout to 2,085M bu vs USDA’s 1,660M, despite higher feed and ethanol use estimates.
Delayed Brazil safrinha harvest and logistics issues are firming Brazilian corn basis.
Dalian soy complex futures rose, while North and East Corn Belt rains are expected to support U.S. soybean yields.
Crop optimism and uncertain U.S. soybean demand, with lower export estimates, could push 25/26 carryout to 510M bu vs USDA’s 310M.
Brazil basis strengthened on reports of increased Chinese buying and slower farmer selling.
Rising Russian wheat export prices on lower yield concerns and firm cash markets may boost U.S. and EU export demand.
Southern Hemisphere crop prospects are providing resistance to global wheat prices.
U.S. ND wheat tour pegs first-day yield at 50 bpa (vs 52 last year, 45 avg); U.S. carryout seen at 895M bu with higher exports offsetting lower feed use.
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