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8-26 Midday: Wheat Edges Higher at Midday, Corn and Soybeans Lower

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures are lower entering midday. December futures are down 2-1/2 to $4.09-3/4 while the March contract is down 3-1/4 to $4.26-1/2.
  • Monday’s Crop Progress report showed corn ratings held steady from last week at 71% good-to-excellent but is up from 65% good-to-excellent a year ago.
  • According to AgRural, Brazil’s corn harvest is near the finish line at 98% complete with first crop planting at 3.2% so far.

  • Soybean futures have reversed lower at midday after starting out the morning strong. November futures are down 1/4 to $10.47-1/2 while the January contract is down 1/2 to $10.67-1/4.
  • Yesterday’s Crop Progress report showed soybean ratings improving 1 point from the week prior to 69% good-to-excellent. This compares to last year’s rating for the same week of 67% good-to-excellent.
  • China and the US are scheduled to hold trade discussions this week which has led to some optimism of a deal being made in the near future.
  • Wheat prices are mixed at midday with Chicago and HRW edging higher. December Chicago futures are up 4-1/2 to $5.34-1/4 while December HRW is up a penny to $5.21-3/4.
  • Spring wheat ratings declined 1 point from last week to 49% good-to-excellent. This compares to 69% good-to-excellent last year. Spring wheat harvest advanced to 53%, up from 36% last week and up from 48% complete last year.
  • Russia’s IKAR increased the countries wheat production estimate slightly from 85.5 mmt to 86 mmt. The group also raised the country’s export forecast to 43 mmt, up from 42.5 mmt previously estimated.

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