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8-15 Midday: Grains Continue to Gain Momentum at Midday

ByGrain Market Insider

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  • Corn futures are trading higher at midday, finally pushing past the bearish sentiment that had pressured the market lower in recent sessions. Support is building as global demand is expected to strengthen, driven by declining U.S. corn prices, which are putting U.S. corn in a highly competitive export position.
  • CONAB has estimated Brazil’s corn production at 137 million tons, notably higher than the USDA’s projection of 132 million tons.
  • Only 4% of the U.S. corn crop is currently experiencing drought conditions. At this stage of development, any weather changes are unlikely to significantly impact yields.
  • Heavy precipitation is expected through midweek in Minnesota, eastern South Dakota, and Michigan, while the rest of the Midwest is forecast to remain mostly dry.

  • Soybeans are trading higher at midday, continuing their recovery from yesterday’s downswing, supported by the U.S.’s strong export competitiveness. Both soybeans and soybean oil are posting gains, while soybean meal is trending slightly lower.
  • Concerns persist over the lack of buying from China, which continues to weigh on soybean markets. Each week without a trade agreement narrows the U.S. export window before Brazil’s new harvest begins in early 2026.
  • The percentage of U.S. soybeans under drought remains unchanged this week at 3%, compared to 6% at the same time last year.
  • ABIOVE raised its Brazil soybean crush forecast to 58.1 million tons, up from 57.8 million tons last month, and increased soybean export projections by 500,000 tons.
  • Wheat is pushing higher at midday, supported by the U.S.’s competitive export position as well as the ongoing rally in corn prices.
  • The wheat market showed limited upward momentum this week, with global prices remaining mostly stagnant. Ongoing harvests in the Black Sea region and the U.S. continue to add supply to the market.
  • President Trump and President Putin are set to meet today in Alaska as both sides explore the possibility of a cease-fire between Russia and Ukraine.
  • Ukraine’s harvest has picked up but remains behind last year’s pace, with 19 million tons completed so far compared to 21.7 million tons at this time last year.

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