CORN

• Corn futures are lower at midday, pressured by bearish weather and improvements to corn ratings.
• Yesterday’s Crop Progress report showed that corn ratings improved 1% to 74% good-to-excellent. This compares to 68% good-to-excellent at the same time last year.
• According to AgRural, Brazil’s corn harvest is now 28% complete, up 10% from last week but down from 63% at this time a year ago.

SOYBEANS

• Soybean prices continue to trend lower at midday as US weather remains friendly for growing conditions.
• Monday’s Crop Progress report saw soybean ratings unchanged at 66% good-to-excellent, down from 68% during the same period a year ago.
• Brazil’s soybean exports have eclipsed last year’s record pace by 3% at 67.4 mmt. China has imported 47.6 mmt from Brazil since February which has added to competition pressure for the US.

WHEAT

• All three wheat classes are trading lower at midday pressured by weakness in the rest of the grain market.
• Winter wheat harvest now stands at 53% complete, below 62% at this time last year. Winter wheat conditions were unchanged from last week at 48% good-to-excellent
• Spring wheat ratings fell 3% to 50% good-to-excellent and well below last year’s rating of 75% good-to-excellent.
• Two grain ships were attacked in the Red Sea this week, which could lead to some support if concerns rise over shipping risks.

Author

Tanner Wilson