CORN

• Corn prices are drifting lower at midday, pressured by rains in the forecast for much of next week across the Midwest.
• Despite the needed rainfall next week, the overall weather outllook for June-August leans warm and dry according to the NOAA.
• Conab raised their corn production estimate in Brazil by 2.2 mmt to 126.9 mmt for the 24/25 season.
• French corn is now seen at 90% complete, which is well ahead of last year’s 70% finished at this time.

SOYBEANS

• Soybeans continue to trade higher at midday, supported by drought conditions across the US soybean area. Drought conditions jumped 2% from last week to 17%, this compares to 9% of the US soybean area seeing drought conditions last year.
• BAGE reported that Argentine’s soybean harvest improved 20% last week and now sits at 65% complete.
• Yesterday’s NOPA crush was larger than anticipated at 190.226 mb and was the highest on record for the month of April.

WHEAT

• Wheat remains weaker at midday, pressured by beneficial rains scheduled for next week and better production prospects for Kansas.
• Estimated wheat yields in Kansas are 53 bpa, according to scouts on the Wheat Quality Council tour. Currently that estimate if realized would be the highest yield for the state since 2021.
• About 73% of the French soft wheat crop is rated as good or very good according to FranceAgriMer.

Author

Tanner Wilson