CORN

• Corn prices continue to trade higher at midday on support from yesterday’s news that the Thai feed industry was considering purchasing $2.8 billion worth of US agriculture commodities.
• Argentina corn production is forecasted slightly higher to 47.9 mmt due to favorable rainfall throughout the region.
• Nutrien Ag Solutions estimates that corn acreage is up to 93 million acres, up from 90.6 million acres a year ago. They suggest a record fertilizer sales year could be on the way.

SOYBEANS

• Soybean prices remain firm at midday, getting support from lowered production forecasts globally.
• The International Grains Council has lowered the global soybean production estimate from 420 mmt to 418 mmt.
• Agroconsult lowered their estimate for Brazil’s soybean output by 1.1 mmt to 171.3 mmt. Despite the large cut in production, Brazil is still expected to see a record crop.

WHEAT

• Wheat prices have turned lower at midday on warmer weather next week for the Midwest and Plains states.
• According to the French Agriculture Ministry, French farmers have planted 6.35 million hectares of wheat, up 7.2% from last year.
• Russia’s grain exports are expected to reach 55-57 mmt, down from 71 mmt last year.

Author

Tanner Wilson