CORN
- Corn is following the wheat market higher at midday. December corn is making a push up to the recent range of resistance near 434.
- According to AgRural, Brazil’s summer corn planting in the Center-South region has reached 86% complete compared to 80% last year.
- Algeria announced a tender for 240,000 mt of corn.
SOYBEANS
- Soybeans continue to lean lower at midday on better South America production prospects and shifting China demand due to potential tariffs.
- According to AgRural, Brazil’s 24/25 soybean planting is now 80% complete. This compares to 67% a week ago and 68% last year.
- Yesterday, the USDA announced export sales of 261,264 mt of soybeans to Mexico, 135,00 mt of soybean meal to the Philippines and 30,00 mt of soybean oil to India.
WHEAT
- Wheat is strengthening at midday as war tensions between Russia and Ukraine increase.
- Ukraine’s Ag Minister announced the possibility of their 2025 wheat crop reaching 25 mmt compared to 22 mmt this year.
- Corteva Agriscience announced a new seed development in their non-GMO winter wheat which could improve yields by up to 10%.
Author
Tanner Wilson