Corn began the day on a higher note but has since slipped, and is trading a few cents lower as a trading range begins to form.
Recent rains in the Corn Belt, along with forecasts for additional rain to come, have pressured prices, but support for December corn seems firm around $4.90.
DTN’s Digital Yield Tour has pegged yields at 197 bpa for Illinois and 194 bpa for Ohio, large improvements from previous trade guesses thanks to the rains.
Friday’s WASDE report will be the focus this week with the average trade guess for yield around 177 bpa, but some private crop scouts estimating between 173 and 174 bpa.
Soybeans also began the day higher in the overnight and have slipped but are still trading higher with both soy products higher as well.
Day two of the DTN yield tour showed estimates of 60.2 bpa for Illinois, 58.8 for Indiana, and 58.7 for Ohio. If the yield estimate for Illinois holds, it would be a new record high.
The export group, ANEC, has pegged Brazil’s August soybean exports at 8.8 mmt versus 5 mmt in August the previous year.
Soybean oil is being supported by census numbers which are showing biodiesel exports at 29% higher than a year ago.
Wheat is trading lower near midday as the US harvest progresses and Russia continues to dominate global export sales.
Russian FOB values have risen by over $20/mt in the past few weeks, but they are still the cheapest offer and had another large sale yesterday of 235,000 mt.
Ukraine’s 23/24 grain exports have totaled 2.76 mmt for far into the June/July season, but exports have been affected since Russia stepped up their attacks on export routes.
The Canadian Prairie is dry along with Argentina and Australia, which may hurt global wheat production. In India, prices rose to a 6-month high with production estimates falling.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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