The CME and Total Farm Marketing Offices will be closed Friday, July 4, in Observance of Independence Day

CORN

• Corn futures have reversed higher at midday, supported by rising wheat futures and short covering as we drift closer to the July 4th holiday.
• Weekly ethanol production fell to 316 million gallons, down from 318 million gallons the week prior, but is up 1% from the same period last year. Ethanol stocks were also down to 24.1 million barrels, which was last year’s level of 23.6 million barrels.
• StoneX has raised their corn production estimate in Brazil to 136.1 mmt, up 2.1 mmt from the groups previous estimate.

SOYBEANS

• Soybeans continue to trend higher at midday, supported by the soybean oil market and a recent bill that prohibits the use of biofuels made from materials outside of North America.
• According to Anec, Brazil’s soy exports are seen reaching 13.93 mmt in June, up from the previous estimate of 13.83 mmt.
• AmSpec Agri group reported that Malaysia’s palm oil exports increased to 1.29 mmt in June, up 0.6 mmt from May.

WHEAT

• All three wheat contracts are now higher at midday on short covering and Black Sea war concerns.
• LSEG has raised their wheat production forecast for Ukraine to 20.7 mmt, up 3% from their previous estimate.
• Weakness in the dollar is also contributing to the minor rally at midday and could help keep support under prices.

Author

Tanner Wilson