Corn prices continue to struggle at midday as market participants await the release of the WASDE report which is expected to be bearish for prices.
Estimates for today’s report see corn yield at 184.3 bpa, up from 181 bpa last month. Both US and world ending stocks are also seen rising in today’s report.
Brazil’s winter corn harvest advanced 7% from last week to 88% complete according to AgRural. This compares to 97% done for the same week last year.
Monday’s Crop Progress report showed corn ratings slipping 1 point from last week to 72% good-to-excellent. Ratings are still up 5% from the same week last year.
Soybeans are weaker at midday, pressured by the highly anticipated WASDE report today.
Estimates for today’s WASDE report see soybean yields up slightly to 53 bpa compared to 52.5 bpa in last months report. Both US and world ending stocks are expected to increase as well which could add some additional downside pressure on prices.
President Trump announced a 90-day extension on tariffs for Chinese imports now through November 10.
Yesterday’s Crop Progress report showed soybean ratings dropping 1 point from last week to 68% good-to-excellent but is on par with ratings from a year earlier.
All three wheat classes are lower at midday along with the rest of the grain market despite estimates for lower production and ending stocks.
Yesterday’s Crop Progress report showed spring wheat ratings improving 1 point to 49% good-to-excellent but remain well below last year’s rating of 72% good-to-excellent. Spring wheat harvest advanced to 16% complete which is on par with last year’s harvest pace.
Winter wheat harvest climbed to 90% done, slightly behind last year’s pace of 92% done and the 5-year average through the same week of 91%.
President Trump is expected to meet with Russia’s Putin later this week in Alaska to discuss ending the war between Russia and Ukraine.
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