The CME and Total Farm Marketing Offices will be closed Monday, May 26, in Observance of Memorial Day

CORN

• Corn futures are weaker at midday on pressure from the rest of the grain market ahead of the Memorial Day weekend.
• The Buenos Aires Grain Exchange reported that Argentina’s harvest now stands at 38.8% complete, up 1.6% from last week.
• The International Grains Council has raised their global corn stockpile estimate from 281 mmt last month to 284 mmt this month.

SOYBEANS

• Soybean futures are lower at midday on general weakness heading into the long holiday weekend.
• Buenos Aires Grain Exchange reported that Argentina’s soybean harvest improved 10% from last week, now at 74.3% complete.
• US soybean area under drought conditions declined 1% from the week prior to 16%. This compares to just 7% at this same time last year.

WHEAT

• Wheat prices remain weaker at midday, pressured by profit taking going into the weekend after this week’s rally.
• The Buenos Aires Grain Exchange reported that Argentina’s wheat planting has got off to a slow start due to heavy rainfalls. Planting is just at 3.4% complete, down from 13.4% at this same time last year.
• According to Ukraine’s Agriculture Ministry website, the country’s wheat exports are down 14% from last year to 14.6 mmt.

Author

Tanner Wilson