CORN

• Corn prices are soft at midday, pressured by weather forecasts which show rain for much of the Midwest over the next week.
• Brazil’s government is ready to move forward with raising the ethanol blend in the country to 30%, up from 27% currently.
• Corn planting in Texas is viewed as 32% complete, which is in line with last year but 1% lower than the 5-year average.

SOYBEANS

• Soybean futures remain slightly higher at midday on forecasted rainfall in South America which would slow their harvest progression.
• Yesterday’s NOPA crush came in at a 5-month low at 177.87 mb, down from 187.9 mb in January. Bean oil stocks hit an 8-month high of 1.503 billion bushels in February.
• Indonesia is set to raise their palm oil export tax from the current 3%-7.5% to 4.5%-10% to support the mandate to increase palm oil usage in biodiesel.
• President Trump hinted at the possibility that an agreement between the US and China could come in the near future which could give the soy-complex a boost.

WHEAT

• Wheat prices remain steady at midday on support from warm and dry conditions in the US southern Plains states.
• Yesterday’s weekly crop report showed US winter wheat ratings declining in both Kansas and Colorado by 4% and 7% to 48% and 60% respectively. Oklahoma and Texas good-to-excellent ratings were unchanged from the week prior at 28% and 48% respectively.
• President Trump and Russia’s Putin are expected to have a phone call today about a potential ceasefire agreement.

Author

Tanner Wilson