Corn is trading slightly lower this morning as the speedy pace of planting pressures prices.
North Dakota is the outlier in planting progress with wet fields causing them to be only 32% complete with over 2.6 million acres left to plant.
Traders are uneasy buyers as the threat of more Chinese cancellations remains a threat.
Brazil is expected to harvest a very large second corn crop thanks to high yields. They are projected to export 54 million tonnes of corn in 22/23.
Soybean futures closed down hard yesterday wiping out all gains from the previous day and are lower again this morning along with both soy products.
July soybean meal is making new lows as Brazil exports soybeans into Argentina so that they can offset their crush facilities form their poor crop.
Brazilian soy exports have reportedly reached 15.9 mmt in May which was above expectations of 15.76 mmt.
In the EU, soybean imports fell by 12% for the 22/23 year, while rapeseed imports rose by 40%.
All three wheat products closed higher yesterday but all three are lower this morning along with the rest of the grain complex.
Yesterday, markets got a boost from the report that Russia was not allowing Ukraine’s largest port to receive vessels, and Russia is reportedly slowing down other ship traffic as well.
Soft red winter wheat yields in Illinois are now being estimated at a whopping 97.12 bpa by the Illinois wheat association which exceeds the USDA’s forecast of 78 bpa.
Ukraine’s grain exports have fallen by 4.6% so far in the season that began last July with wheat exports declining by 18%.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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