CORN

• March corn futures are a penny higher at midday trading near 446.
• Traders expect minimal changes to the U.S. corn balance sheet on Tuesday’s WASDE report. Ending stocks are projected to hold steady from last month’s estimate at 2.166 bb.
• The Trump administration is expected to release the details of a $12 billion farm aid package later today.
• Argentina’s corn crop is rated at 80% good to excellent compared to just 26% one year ago.

SOYBEANS

• March soybean futures are 10 cents lower at midday trading near 1105.
• The USDA confirmed the sale of 132,000 metric tons of U.S. soybeans for delivery to China this morning.
• Traders are expecting a modest increase in U.S. soybean ending stocks from 290 mb to 309 mb tomorrow. However, given the sluggish pace of export demand following the China tariff dispute, some believe a larger cut to soy export projections may be warranted.
• AgRural says Brazil’s soybean planting is 94% complete as of last Thursday, with prospects for a record crop strengthened by improved rainfall chances in the latest forecasts.

WHEAT

• March CBOT wheat futures are 1 cent lower at 535. March KCBOT wheat futures are 5 cents lower at midday trading near 526-1/2. March spring wheat futures are 2 cents higher at midday trading near 575.
• On Friday, Sov Econ raised their estimate for Ukraine’s wheat crop by 1.7 mmt to 24.6 mmt.
• In Argentina, the wheat harvest has advanced to 45% complete, and a record crop of 25.5 mmt or more is expected.

Author

Keegan Madigan