Corn traded lower at midday, despite multiple flash sales reported yesterday and additional sales today, signaling improving demand for U.S. corn.
USDA confirms the sale of 125,000 ton and 227,160 ton of U.S. Corn for export to unknown destinations for the 25/26 year.
Argentina’s corn harvest is 88% complete, and its recently reduced export tax is now in effect.
The percentage of U.S. corn under drought has declined by 2% with recent weather improvements, now at 7% compared to 5% at this time last year.
Soybeans moved higher at midday despite ongoing pressure from demand concerns, weather, and tariff uncertainty. Both soybeans and soybean meal posted gains, while soybean oil continued to trade lower.
President Trump announced new tariff rates of 25% on India and 35% on Canada as negotiations with both countries stall. He has yet to confirm whether the tariff truce with China will be extended.
China purchased a third cargo of Argentine soybean meal yesterday, totaling 30,000 metric tons for September/October shipment.
Wheat traded lower at midday on concerns over sluggish global demand, with export pace from Russia, Ukraine, and the EU remaining seasonally slow.
HRS wheat under drought dropped 5% to 38%, though it remains significantly higher than the 16% reported at this time last year.
In Argentina, planting is nearly complete at 98.3%, and recent rainfall has improved crop conditions by 10 points, with 61% now rated good to excellent—up from just 31% at this time last year.
SovEcon lowered its Ukrainian wheat production forecast by 2.8 million tons to 19.8 million, citing disappointing yields.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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