Corn is trading lower near midday and continues to test the recent low of 4.81 in December, but has not yet broken through it.
The good to excellent rating for corn rose by 2% to 59% and is now rated higher than last year’s crop at this time. 96% of the crop is silking, while 65% is dough stage.
While the forecast calls for hot and dry conditions throughout the Corn Belt over the next 7 days, the western Plains are expected to be especially hot with triple digit temperatures forecast.
Rain is falling in Brazil, which is slowing their second crop corn harvest, but it is also helping their upcoming planting conditions which will begin next month.
Soybeans are trading lower this morning following a big improvement in crop ratings. Soybean meal is lower, while soybean oil is higher.
Crop progress saw a 5% increase in the good to excellent rating for soybeans, with 78% of the crop setting pods.
Yesterday’s large sale of 15.3 mb of soybeans to unknown destinations for the 23/24 marketing year was an addition to the recent string of sales, and demand in the U.S. remains strong as well.
Palm oil prices are expected to rise slightly due to El Niño concerns, in which the impact will mostly be seen in 2024. This should help support soybean oil.
Wheat is trading lower at midday following crop progress, which showed spring wheat conditions improving and winter wheat harvest nearly completed.
92% of the winter wheat crop is harvested with Washington, Idaho, and Montana with more still to harvest. 24% of spring wheat has been harvested, and the next week is dry and favorable for more progress.
Russian FOB wheat offers have risen by $21 per metric ton over the past few weeks, and although they maintain the competitive advantage, U.S. prices are becoming more competitive.
Reuters reported that Russian missiles caused damage and civilian fatalities in western Ukraine this morning as the fighting continues to escalate.
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