CORN
- Corn prices have shifted lower at midday, pressured by favorable weather patterns over the next week to allow planting to progress further.
- Weekly export sales for corn totaled 66 mb, which was above trade expectations. Year-to-date commitments are now at 2.378 billion bushels, up 27% from last year.
- Ethanol production for the week ending May 2nd totaled 7.140 million barrels. Ending stocks came in at 25.191 million barrels.
SOYBEANS
- Soybean futures remain firm at midday, supported by concerns over the timeline for a potential agreement to be made between US and China.
- Weekly soybean export sales were in line with expectations at 14 mb. Year-to-date commitments total 1.753 billion bushels, which is 13% higher than a year ago.
- LSEG has raised their US soybean production estimate by 1% to 117 mmt. The group cited a 500,000 acre increase and favorable weather conditions for rapid planting progress as the reason for the increase.
WHEAT
- Wheat prices continue to trend lower at midday, pressured by precipitation chances in the Northwest Plains states next week.
- Weekly export sales for wheat came in at 21 mb, which was above trade expectations. Year-to-date commitments total 787 mb, up 14% from last year.
- LSEG raised their all-wheat production forecast for Canada to 36.5 mmt, which if realized would be 4.5% higher than last year’s production total.
Author
Tanner Wilson