Corn is trading higher at midday as weather forecasts are becoming questionable and the drought monitor is not showing as much relief as had been hoped after recent rains.
The northern Corn Belt is expected to receive less rainfall than hoped over the next 7 days, but the southern half of the Corn Belt is forecast to receive beneficial rains.
National soil moisture remains an issue with 48% short to very short. Missouri is at 83%, Wisconsin at 71%, and Illinois and Michigan both at 67%.
Brazil has reportedly harvested 20% of their second crop corn and based on yield data, analysts raised production estimates again.
Soybeans are trading lower today, along with both soybean meal and oil after futures became a bit too overbought, and funds are likely taking a breather.
Brazilian FOB offers are now at over a dollar discount to US values and will be there for the next few months making export sales even more difficult for the US.
Brazil’s export group, ANEC, reported that June soy exports rose to 9.44 mmt, which compares with 7 mmt in June of last year.
The USDA’s forecast for 83.5 million acres of beans has kept prices elevated, and next week’s WASDE could add to the bullishness with a small ending stocks number.
Wheat is still mixed with Chicago posting the most losses followed by KC, but Minn wheat is managing to stay slightly higher.
Russia attacked the city of Lviv overnight and Ukrainian forces have said that Russia is making slow progress in taking back eastern Ukraine.
Russia’s wheat crop estimates were raised by 2.5 mmt and are now at 85.7 mmt on good weather.
The French 2023 soft wheat yield is seen at 5% above the 10-year average and was helped by good sowing conditions and frequent rains in early spring.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
