CORN

• Corn futures are weaker at midday as increasing yield estimates and favorable weather across the Corn Belt continue to add to the bearish projection in prices.
• Monday’s Crop Progress report showed corn ratings unchanged from last week at 73% good-to-excellent but remain 6 points better than last year.
• AgRural pegs Brazil’s winter corn harvest at 81% complete, up from 68% done last week but down from 95% complete the same week last year.
• According to a survey conducted by StoneX, the group sees corn yield at 188.1 bpa, which is well above the USDA’s 181 bpa estimate.

SOYBEANS

• Soybeans now lean lower at midday as prices get pressured from weakness in the rest of the grain market.
• Yesterday’s Crop Progress report saw soybean ratings falling 1 point from last week to 69% good-to-excellent, but is still up 1 point from the same week last year.
• Celeres has raised their new crop soybean production estimate for Brazil to 177.2 mmt. If realized, this would be up 4.4 mmt from the current season.

WHEAT

• Minneapolis wheat futures are the strong leg of the wheat complex at midday while KC and Chicago wheat prices are lower. Global wheat harvest is keeping sellers active, pressuring prices.
• Spring wheat ratings slipped 1 point from the week prior to 48% good-to-excellent and remain well below last year’s rating of 74% good-to-excellent through the same week. Harvest sits at just 5% compared to 9% through the same week last year.
• The US dollar is falling at midday after hitting a multi-month high late last week, which could help to keep some level of support under the market.

Author

Tanner Wilson