Despite a lower soybean crop estimate, Argentina kept their corn crop production unchanged at 36 mmt.
The International Grain Council estimated the 23/24 corn crop at a near-record 1.2 billion metric tons.
China has 84 mb of US corn remaining on the books, meaning that more cancellations are possible.
The climate prediction center is forecasting drought improvement in the western US plains over the next 3 months.
July corn on Brazil’s Bovespa exchange is making new lows and trading around the equivalent of $4.49 per bushel.
Argentina lowered their soybean crop estimate to 21 mmt from 22.5 previously. The USDA is still using a number of 27 mmt.
Stochastics for both July and November soybeans indicate oversold conditions.
Soybean crush premium (based on July futures) is down 12 cents this week to $1.89 per bushel. This is the lowest number since last summer.
Crude oil is higher at midday, offering some support to the soybean oil market. Higher palm oil is also supportive.
Parts of the southwestern Plains, including parts of Texas and Oklahoma, will see some more beneficial rains.
The HRW crop tour came up with a yield of 30 bpa (vs a 5-year average of 45 bpa), and the lowest crop production estimate since 1963, at 178 mb.
Despite the Black Sea corridor extension, there are said to be 62 vessels waiting for inspection, which is a slow process.
Ukraine’s president is going to Japan to visit with the G7, to ask for support against Russia.
Russian wheat export FOB values hit a 22-month low, at $250 per metric ton.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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