CORN

• Corn futures are little changed at midday as market participants await the June WASDE report before taking action.
• Weekly corn export sales were on the low end of expectations at 30 mb. Year-to-date commitments total 2.596 billion bushels, up 26% from last year.
• Conab has raised their corn production forecast for Brazil to 128.25 mmt, up from 126.87 mmt last month.

SOYBEANS

• Soybean prices lean slightly higher at midday, but overall trade is quiet ahead of the WASDE report this morning.
• Weekly export sales for soybeans were lackluster, coming in below expectations at just 4 mb. Year-to-date commitments now total 1.790 billion bushels, up 11% from a year ago.
• Conab has raised their soybean production forecast for Brazil to 169.6 mmt, up from 168.34 mmt last month.

WHEAT

• Minneapolis wheat futures are the strong leg of the wheat complex at midday. Chicago and HRW are lower ahead of the June WASDE report, which is widely expected to show increases to winter wheat yields.
• Weekly export sales for wheat were poor with total sales for the week totaling less than 1 mb. Year-to-date commitments for new crop have reached 217 mb, up 22% from last year and an 8-year high.
• The Rosario Grains Exchange in Argentina has slightly lowered their estimate for the country’s wheat output from 21 mmt to 20.7 mmt.

Author

Tanner Wilson