CORN

• Corn prices remain higher at midday, supported by the 90-day tariff pause that went into effect at 12:01am this morning.
• Weekly corn export sales were in line with trade expectations at 40 mb. Year-to-date commitments total 2.166 billion bushels, up 24.5% from last year.
• Conab raises their estimate for Brazil’s total corn crop for the 2024/25 season to 124.74 mmt, up from their last estimate of 122.76 mmt.
• The Rosario Grains Exchange sees Argentina’s corn crop at 48.5 mmt compared to their last forecast of 44.5 mmt.

SOYBEANS

• Soybeans are firm at midday, getting support from the US pausing tariffs as well as the EU pausing tariffs on US products.
• Weekly soybean export sales totaled 6 mb which was below trade expectations. Year-to-date commitments currently sit at 1.703 billion bushels, up 14% from a year ago.
• Conab has raised Brazil’s 2024/25 soybean crop estimate from 167.37 mmt to 167.87 mmt.

WHEAT

• Wheat prices have backed off at midday, pressured by anticipation that today’s WASDE report will show increases to US and world ending stocks.
• Weekly wheat export sales came in at 8 mb which was in line with expectations. Year-to-date commitments total 784 mb, up 13% from last year.
• IKAR sees Russia’s wheat harvest at 82.5 mmt. They also view Russia’s total grain harvest at 129.5 mmt compared to 126 mmt harvested last year.

Author

Lauren VandenLangenberg