CORN

• Corn futures remain weaker at midday, driven by lower wheat prices. March futures are down 4-1/4 cents to $4.27-1/2.
• According to AgRural, Brazil’s first corn crop harvest now sits at 22% complete, down from 29% through the same week last year. Safrina crop planting stands at 31% planted, slightly behind last year’s pace of 36%.
• The U.S. dollar is starting to tick higher, which is adding pressure to corn prices to start the week.

SOYBEANS

• Soybeans are reversing higher at midday, supported by news that the U.S. and China could continue trade truce for up to one year. March soybeans are trading 3-1/2 cents higher to $11.36-1/2.
• Today’s NOPA crush is expected to come in at 218.5 mb which would be down from Decembers 225 mb but would be a record for the month of January if realized.
• Brazil’s soybean harvest is seen at 21% complete, up 5% from the week prior but down from last year’s pace of 24% harvested through the same period.

WHEAT

• All three wheat classes are lower at midday, pressured by recent rains across the Southern Plains and the U.S. dollar moving higher. March Chicago is down 11-3/4 cents to $5.37-00, March KC is 4-00 cents lower to $5.38-1/2, and March Minneapolis is 2-1/4 cents down to $5.69-1/2.
• IKAR has raised their wheat production estimate for Russia to 91 mmt, up from the group’s previous estimate of 88 mmt.
• Ukraine has said that a recent airstrike by Russia on the Odessa region has caused significant damage to the power infrastructure. However, this is being overshadowed by recent rainfall over the weekend in the U.S. Plains.

Author

Tanner Wilson