CORN

• Corn futures are mostly weaker at midday, pressured by improving favorable weather which will help speed along planting progress.
• Weekly corn export sales came in at 50 mb, which was in line with trade expectations. Year-to-date commitments total 2.313 billion bushels which is up 11% from last year.
• The Buenos Aires Grain Exchange pegs Argentine’s corn harvest at 31.3% done, up from 29.7% complete last week.

SOYBEANS

• Soybean prices are trending lower at midday, pressured by falling crude oil prices and harvest progressing in South America.
• Weekly soybean export sales totaled 18 mb, in line with expectations. Year-to-date commitments sit at 1.742 billion bushels, up 13% from a year ago.
• Argentine soybean harvest jumped to 23.6% complete up from 14.5% last week according to The Buenos Aires Grain Exchange.
• Soybean oil for use in biofuels dropped to 576 million pounds, down from 654 million pounds in January.

WHEAT

• Wheat futures remain firm at midday, supported by increased domestic usage and potential for increased global demand as US prices remain competitive.
• Weekly wheat export sales were in line with trade expectations at 12 mb. Year-to-date commitments total 785 mb, up 14% from last year.
• Ukraine’s wheat exports during the month of April fell 56% from April of 2024 due to shrinking stocks.

Author

Tanner Wilson