CORN

• Corn futures are bouncing at midday, supported by private weather groups calling for drier forecasts through August.
• Yesterday’s Crop Progress report showed corn ratings unchanged from last week at 74% good-to-excellent, which is up from 68% during the same period last year.
• Brazil’s corn harvest is advancing but sits at just 40% complete, well below last year’s pace of 70% at this time.

SOYBEANS

• Soybeans are slightly higher at midday, supported by higher corn and wheat markets and expectations of higher NOPA crush numbers for June.
• Monday’s Crop Progress report showed a 4% jump in ratings to 70% good-to-excellent, up from 68% during the same week last year.
• June’s NOPA crush numbers will be released today and are expected to show an increase to 185.19 mb, which if realized would be up 5.5% from a year ago. Soybean oil stocks are seen at 1.37 billion pounds, which would be well below last year’s number of 1.622 billion pounds.

WHEAT

• All three wheat classes are trading higher at midday, supported by technical support levels after testing multi-month lows in Chicago wheat.
• Spring wheat ratings improved to 54% good-to-excellent, up from 50% the week prior but down from 77% good-to-excellent last year. Winter wheat harvest advanced 10% from last week to 63% complete.
• Russia’s IKAR has lowered their wheat production forecast for the country to 84 mmt, down from the groups previous estimate of 84.5 mmt.

Author

Tanner Wilson