Corn futures are weaker at midday as increasing yield estimates and favorable weather across the Corn Belt continue to add to the bearish projection in prices.
Monday’s Crop Progress report showed corn ratings unchanged from last week at 73% good-to-excellent but remain 6 points better than last year.
AgRural pegs Brazil’s winter corn harvest at 81% complete, up from 68% done last week but down from 95% complete the same week last year.
According to a survey conducted by StoneX, the group sees corn yield at 188.1 bpa, which is well above the USDA’s 181 bpa estimate.
Soybeans now lean lower at midday as prices get pressured from weakness in the rest of the grain market.
Yesterday’s Crop Progress report saw soybean ratings falling 1 point from last week to 69% good-to-excellent, but is still up 1 point from the same week last year.
Celeres has raised their new crop soybean production estimate for Brazil to 177.2 mmt. If realized, this would be up 4.4 mmt from the current season.
Minneapolis wheat futures are the strong leg of the wheat complex at midday while KC and Chicago wheat prices are lower. Global wheat harvest is keeping sellers active, pressuring prices.
Spring wheat ratings slipped 1 point from the week prior to 48% good-to-excellent and remain well below last year’s rating of 74% good-to-excellent through the same week. Harvest sits at just 5% compared to 9% through the same week last year.
The US dollar is falling at midday after hitting a multi-month high late last week, which could help to keep some level of support under the market.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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