CORN

• Corn continues to back off at midday, pressured by favorable growing conditions over the next 6-10 days.
• The USDA announced that Mexico was a buyer of 104,000 tons of U.S. corn for delivery during the 2024/25 year. An additional 101,096 tons of U.S. corn were also sold to unknown destinations for delivery during the 2024/25 year as well.
• The European Commission has cut their forecast for corn production from 65 mmt to 63.8 mmt.

SOYBEANS

• Soybeans have reversed lower at midday on pressure from recent rainfall and a favorable weather outlook heading into June.
• The U.S. trade court has ruled that many of President Trump’s global tariff policies were illegal and could have to be removed. The Trump administration has already filed a notice that they are planning to appeal the decision.
• Malaysia is looking to implement the use of B30 biofuels in its transportation sector by 2030 as the country continues to increase its environmental sustainability efforts.

WHEAT

• Wheat prices continue to trend lower at midday, pressured by overnight rains in Oklahoma and Kansas.
• Sovecon has raised their Russian wheat export forecast for the 2025/26 season to 40.8 mmt, up from the groups previous estimate of 39.7 mmt.
• The EU has slightly raised their total soft wheat production estimate from 126.3 mmt to 126.6 mmt.
• Canada cut their wheat production estimate by 3% to 35.3 mmt due to dryness across the southern Prairies.

Author

Tanner Wilson