The CME and Total Farm Marketing Offices will be closed Thursday, June 19, in Observance of Juneteenth

CORN

• Corn futures are relatively flat from earlier price action at midday. July and December contracts continue to hang below the $4.40 level as weather forecasts lean favorable for growing conditions.
• Monday’s Crop Progress report showed corn planting in the US is now complete. Crop conditions improved by 1% to 72% good-to-excellent.
• Global corn supply is estimated to be greater as favorable weather is leading to sufficient growing conditions. However, with lower beginning stocks and higher consumption, world supply for 2025/26 corn is still seen as tight.

SOYBEANS

• Soybeans have reversed higher at midday on support from the rest of the soy-complex and declining crop conditions.
• Yesterday’s Crop Progress report showed soybean planting in the US at 93% done, up from 92% last year and the 5-year average of 84%. Ratings were seen slipping 2% to 66% good-to-excellent.
• May NOPA crush was a record for the month at 192.83 mb but was still below the average trade estimates.

WHEAT

• Chicago and HRW futures are higher at midday, supported by global production cuts and falling crop conditions.
• Winter wheat ratings were seen falling 2% to 52% good-to-excellent in yesterday’s Crop Progress report. Winter wheat harvest is seen at 10% complete. Spring wheat improved 4% to 57% good-to-excellent.
• Winter rapeseed harvest in France is seen reaching 4.2 mmt, which if realized would be 9.4% higher than last year.

Author

Tanner Wilson