CORN
- Corn is trading slightly higher at midday, pushing December corn above the 50-day moving average.
- Monday’s Crop Progress report showed corn harvest in the US jumping 8% from last week to 65% complete.
- USDA announced a sale of 359,500 mt of corn to Mexico for 24/25 which is adding to the support at midday.
SOYBEANS
- Soybeans are strengthening at midday on some carryover support from yesterday’s export sales announcements.
- Monday’s Crop Progress report showed soybean harvest in the US improving 14% from last week to 81% complete.
- China cut interest rates yesterday which has led some to believe it could boost US exports.
WHEAT
- All three wheat contracts are trading higher at midday on lower Russia production estimates.
- Monday’s Crop Progress report showed winter wheat is now 73% planted, just below the 5-year average of 76% but up from 64% last week.
- SovEcon estimates Russia production for 2025 at 80.1 mmt which is down from 83 mmt last year and would be the smallest crop since the 21/22 season.