Corn futures are lower at midday, pressured by bearish weather and improvements to corn ratings.
Yesterday’s Crop Progress report showed that corn ratings improved 1% to 74% good-to-excellent. This compares to 68% good-to-excellent at the same time last year.
According to AgRural, Brazil’s corn harvest is now 28% complete, up 10% from last week but down from 63% at this time a year ago.
Soybean prices continue to trend lower at midday as US weather remains friendly for growing conditions.
Monday’s Crop Progress report saw soybean ratings unchanged at 66% good-to-excellent, down from 68% during the same period a year ago.
Brazil’s soybean exports have eclipsed last year’s record pace by 3% at 67.4 mmt. China has imported 47.6 mmt from Brazil since February which has added to competition pressure for the US.
All three wheat classes are trading lower at midday pressured by weakness in the rest of the grain market.
Winter wheat harvest now stands at 53% complete, below 62% at this time last year. Winter wheat conditions were unchanged from last week at 48% good-to-excellent
Spring wheat ratings fell 3% to 50% good-to-excellent and well below last year’s rating of 75% good-to-excellent.
Two grain ships were attacked in the Red Sea this week, which could lead to some support if concerns rise over shipping risks.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
