CORN

• Corn futures are weaker, pressured by sharply lower wheat prices and rainfall throughout the Midwest.
• Monday’s Crop Progress report showed corn ratings fell 2% to 70% good-to-excellent but is up from 69% a year ago.
• AgRural reported that Brazil’s safrina corn harvest is just 13% complete, well behind last year’s pace of 34% for the same time period.

SOYBEANS

• Soybean prices are weaker at midday on continued pressure from rain showers across much of the soybean growing areas.
• Yesterday’s Crop Progress report showed soybean ratings unchanged from last week at 66% good-to-excellent but is down 1% from last year.
• According to the Indonesian Palm Oil Association, Indonesia’s palm oil exports dropped to 1.78 mmt in April down from 2.88 mmt in March.

WHEAT

• Wheat futures are sharply lower at midday on news of a ceasefire agreement between Iran and Israel.
• Winter wheat harvest advanced to 19% complete but is down from 38% at this time last year. Winter wheat ratings fell to 49% good-to-excellent which compares to 52% the same week a year ago. HRS conditions were also seen falling 3% to 54% good-to-excellent, well behind last year’s rating of 71%.
• ASAP-Agri has lowered their Ukrainian wheat output by 3% to 21.74 mmt. The group also stated yields could fall 3.5% to 4.37 tons per hectare.

Author

Tanner Wilson