CORN

• Corn futures are trending lower at midday, pressured by favorable growing conditions and beneficial weather outlook heading into the first part of June.
• Yesterday’s Crop Progress report showed corn planting at 87% complete with 67% of the crop emerged. Initial crop ratings are seen at 68% good-to-excellent, which was below the average guess of 73%.
• South Africa’s Crop Estimates Committee has lowered their corn production forecast slightly to 14.6 mmt, down 0.1% from their previous estimate.

SOYBEANS

• Soybeans are seeing weakness at midday, pressured by recent rains and planting progress outpacing the 5-year average.
• Yesterday’s Crop Progress report showed soybean planting has now reached 76% compared to the 5-year average of 68% at the same time. 50% of the crop has also emerged.
• According to Anec, Brazil’s soy exports are now seen reaching 14.03 mmt in May compared to the group’s previous estimate of 14.52 mmt.

WHEAT

• Wheat futures remain slightly higher entering midday as prices rebound following yesterday’s sell-off.
• Yesterday’s Crop Progress report showed winter wheat conditions at 50% good-excellent, down 2 points from last week but 2 points higher from the same week last year. Spring wheat ratings are seen at 45% good-to-excellent, which was well below the average trade guess of 70%.
• The EU’s soft wheat exports as of May 25th totaled 18.8 mmt, down 34% from a year ago.

Author

Tanner Wilson