CORN

• Corn futures remain slightly weaker at midday following yesterday’s gains. Harvest pace in South America is also contributing to the slight weakness.
• Brazil’s Ag Ministry reported that corn exports during the month of May only reached 39k mt, down from 413k mt a year ago.
• SovEcon has increased their corn production estimate for Ukraine by 1.5 mmt to 28.3 mmt.

SOYBEANS

• Soybeans are leaning higher at midday on support from a warmer and drier weather outlook over the next 8-14 days.
• The Buenos Aires Grain Exchange estimates that soybean harvest in Argentina has reached 88.7%, up 8% from last week.
• Brazil’s Ag Ministry reported that the country’s soybean exports for the month of May reached 14.1 mmt, up from 13.437 mmt during the same period last year.

WHEAT

• All three wheat classes are trading lower at midday pressured by a slightly higher dollar and a weaker corn market.
• According to the UN’s Food and Agriculture Organization, global wheat stocks for the 2025/26 season are seen at 310 mmt, down from 316.8 mmt last season.
• BAGE pegged wheat seedings in Argentina at 23.6% complete, up from 10.5% last week.

Author

Tanner Wilson