CORN

• Corn prices are mixed at midday with September and December futures slightly higher. Lack of weather threats and increasing global yields continue to keep upside potential limited.
• Weekly corn export sales came in at 88 mb, which were towards the upper end of trade estimates. Year-to-date commitments now total 2.774 billion bushels, which is up from 2.173 billion bushels last year.
• Datagro has raised their corn production forecast in Brazil to 140.9 mmt. This is well above the USDA’s estimate of 132 mmt.

SOYBEANS

• Soybeans remain pressured at midday as bearish weather continues to put a negative tone on prices with larger yields looming.
• Weekly soybean export sales totaled 29 mb, which were on the high end of trade expectations. Year-to-date commitments now total 1.878 billion bushels, up from 1.668 billion bushels through the same week last year.
• Datagro raised their soybean production estimate in Brazil to 182.9 mmt, which if realized would be 9.4 mmt more than the previous growing season.

WHEAT

• The wheat market is mostly lower at midday, pressured by an increasing US dollar and improved global production estimates.
• Weekly wheat export sales were on par with trade expectations at 23 mb. Year-to-date commitments sit at 351 mb, which is up from 305 mb last year.
• Sovecon raised their Russian wheat output estimate to 83.6 mmt, up from the groups previous estimate of 82.9 mmt.

Author

Tanner Wilson