The CME and Total Farm Marketing Offices will be closed Monday, May 26, in Observance of Memorial Day

CORN

• Corn futures are mostly lower at midday, pressured by recent rainfall and larger than expected South American crop.
• Weekly export sales for corn came in at 56 mb, which was in line with expectations. Year-to-date commitments total 2.491 billion bushels, up 28% from last year.
• According to Agroconsult, Brazil’s corn crop could be the second largest on record. The group estimates production may reach 140 mmt, which would be 9% above last year’s output.

SOYBEANS

• Soybeans have reversed higher at midday, on support from potential cuts to Argentina’s crop after recent flooding.
• Weekly export sales for soybeans totaled 12 mb, which was on the low end of trade expectations. Year-to-date commitments are up 13% from a year ago at 1.775 billion bushels.
• Indonesia’s palm exports during the month of April were seen falling 32% from March to 1.384 mmt, according to Intertek Testing Services.

WHEAT

• Wheat futures continue to see a slight pullback at midday after three consecutive up days in a row.
• Weekly export sales for wheat were above expectations at 32 mb. Year-to-date commitments total 789 mb, up 13% from last year.
• India, the second largest wheat grower in the world could see a record output this year due to favorable weather conditions during the crucial growing stage.

Author

Tanner Wilson