CORN

• Corn trades higher at midday, supported by yesterday’s export sales announcements and by December corn holding above the 50-day moving average.
• Monday’s Crop Progress report showed corn harvest at 81% complete compared to 65% last week and the 5-year average of 64%.
• Yesterday, the USDA confirmed export sales of 124,000 mt of US corn to Japan and 120,000 mt of US corn to unknown.
• AgRural estimates that Brazil has 52% of its corn crop planted which is slightly behind last year’s pace of 53% planted at this time.

SOYBEANS

• Soybeans are lower at midday as ag giants, Bunge and Cargill announce slowdowns in soybean buying as they wait for more policy guidance for biofuels.
• Monday’s Crop Progress report showed soybean harvest at 89% complete compared to 81% last week and the 5-year average of 78%.
• South American weather forecasts remain favorable for their crop production which could pose some bearish risk in soybeans.

WHEAT

• All three wheat contracts are higher at midday on drier weather and a poorly rated winter wheat crop.
• Monday’s Crop Progress report showed that 80% of the winter wheat crop has been planted with only 38% of the crop rated good-to-excellent.
• Ukraine says their winter wheat sowing is 90.2% complete while their July-September exports are near double last year’s pace.
• Foreign agriculture groups range Russian wheat prices between $232-$240 per metric ton.

Author

Tanner Wilson