CORN

• Corn prices remain higher at midday on some short covering going into the weekend after the recent drop in prices.
• Bage reported corn harvest in Argentine for the 2024/25 season has now reached 55.3%, up 5.7% from last week. The group left their production estimate of 49 mmt unchanged.
• Datagro has raised their Brazilian corn crop estimate to 134 mmt, up almost 1% from the groups previous estimate.

SOYBEANS

• Soybeans are seeing support today on short covering heading into the weekend potentially breaking a five-day losing streak.
• Bage pegs Argentine’s soybean harvest for the 2024/25 season at 98.3% complete, up 1.8% from the week prior. The group kept their production estimate unchanged at 50.3 mmt.
• Datagro raised bumped their soybean production estimate for Brazil by 1.5 mmt to 173.5 mmt.

WHEAT

• Chicago and Minneapolis wheat remain higher at midday along with corn and soybeans on short covering and drought conditions increasing. HRW contracts are edging slightly lower at midday.
• Winter wheat drought conditions climbed 6% to 20% under drought. HRS areas under drought also rose 3% to 25% under drought.
• Bage reported wheat planting in Argentine advanced 12.4% to 72.7% complete.

Author

Tanner Wilson