About 59% of the US corn crop is still said to be experiencing drought conditions.
Some weather premium might be taken out of the marketplace, with the forecast looking for better conditions next week in the Midwest.
September corn on Brazil’s Bovespa exchange is trading near the equivalent of $5.11 per bushel, which is close to the lowest level in two years.
Argentina recently announced a new corn / peso exchange rate incentive to increase farmer selling. This could pressure futures as more supply enters the export market.
About 53% of the US soybean crop is still said to be experiencing drought conditions.
Private exporters reported 325,000 mt of soybeans for delivery to China, 171,460 mt for delivery to Mexico, and 413,000 mt for delivery to unknown (all during the 23/24 marketing year).
April biofuel use by soybean oil was a record 927 million pounds (up 10% from last year).
Malaysian palm oil is down for the fourth session in a row, however, soybean oil is trading higher at midday.
About 43% of the US spring wheat crop, and 47% of the winter wheat crop are still said to be experiencing drought conditions.
Due to dryness, the Canadian wheat crop could be closer to 30 mmt (vs the USDA at 35 mmt).
The final yield of the spring wheat tour in North Dakota came out at 47.4 bpa. The average is 40, last year was 49.1, and the USDA is currently using a yield of 47.
Paris milling wheat futures are headed for a fourth lower close in a row, and a gap remains below the market that may eventually be filled. French soft wheat harvest is reported to be 83% complete.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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