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9-16 Midday: Grains Trend Higher at Midday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures are stronger at midday, supported by expected rainfall over the next few days which could cause harvest delays. December futures are up 5-3/4 to $4.29-00.
  • Monday’s Crop Progress report showed corn ratings slipping 1 point from last week to 67% good-to-excellent. Harvest is in line with the 5-year average of 7% complete but is currently 1% behind last year’s pace.
  • According to Safras and Mercado, Brazil’s first corn crop is seen reaching 25.4 mmt, which if realized would be up from last year’s output of 24.73 mmt.

  • Soybean prices are firm at midday on a weaker dollar and better than expected crush for August. November soybeans are 5-1/4 higher to $10.48-00.
  • Yesterday’s Crop Progress report showed soybean ratings fell 1 point from last week to 63% good-to-excellent. Harvest is running ahead of the 5-year average at 5% but below last year’s pace of 6% finished at this time.
  • NOPA members crushed 189.810 mb during August, up 20.1% from August 2024 but down from 195.699 mb crushed in July.
  • All three wheat classes are higher at midday, supported by a two-month low in the US dollar. December Chicago wheat is up 7-3/4 to $5.32-3/4.
  • Spring wheat harvest advanced 9% to 94% done, just ahead of last year’s pace of 91% complete through the same week. Winter wheat planting climbed to 11%, which is behind last year’s planting pace and the 5-year average which both stand at 13%.
  • France has raised their wheat production forecast according to the agriculture ministry. Production is now seen at 33.3 mmt, up from August’s projection of 33.1 mmt.

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