Corn is trading about a penny higher this morning but futures are still hovering around their lows despite crops dealing with stress from the heat.
The Corn Belt is forecast to miss much of the rain expected over the next 6 to 14 days, but temperatures are expected to cool down after Thursday giving the crop some relief.
The ProFarmer crop tour saw South Dakota with an average yield of 157.4 bpa, while estimates for Ohio came in around 172.4 bpa, similar to last year.
The gap between US and Brazilian corn has narrowed recently but FOB prices remain a bit cheaper in Brazil for August and September. US corn exports have been very slow with the main buyer being Mexico.
Soybeans are trading lower this morning along with both soy products lower as well. The crop tour has been finding pod counts higher than the previous year.
The crop tour completed its run through of Nebraska and Indiana yesterday and found pod counts in a 3×3 plot with an average of 1,160.02 in Nebraska and 1,309.96 in Indiana, both ahead of last year.
November soybeans on the Dalian exchange fell slightly today to the equivalent of $19.04 a bushel but remain near the yearly highs.
Cargill has agreed to buy plants from the Brazilian biodiesel maker Granol in an effort to expand its soybean production in South America.
Wheat is mixed this morning with Chicago slightly higher, KC a bit lower, and Minn unchanged, all near their lowest prices of the year.
Russia and Ukraine hit each other with more drone attacks last night with Ukraine targeting Moscow and Russia again targeting grain facilities in Odesa and around the Danube River region.
Russia’s estimated wheat production has again been bumped up to 92.1 mmt from 87.1 mmt for 23/24, far above the USDA’s most recent estimate of 85 mmt.
Russia seems to be the only country with a strong wheat crop right now as Canada, India, Argentina, and Australia all struggling with various weather issues and Ukraine unable to export the grain they do have.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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