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

CORN

• Corn futures remain higher at midday, supported by strength in the wheat market and heat concerns this weekend and into early next week.
• LSEG has lowered their corn production estimate in Ukraine by 1.4% to 27.8 mmt. The group cited a lower planted area as the reason for the cut in production.
• China’s customs data shows corn imports for the month of May declined 81.6% from a year ago to 190k tons. Year-to-date corn imports are down over 93% year-over-year to 630k tons.

SOYBEANS

• Soybean prices are being lifted at midday alongside the rest of the grain market as a heatwave enters the Midwest this weekend.
• The USDA announced yesterday the sale of 120k mt of U.S. soybean meal to unknown destinations for 2025/26 delivery.
• According to Anec, Brazil’s soy exports are seen reaching 14.37 mmt in June, up from 14.08 mmt in the groups previous estimate.

WHEAT

• Wheat prices continue to strengthen at midday on slow harvest pace and concerns over weather threats to winter wheat areas early next week.
• LSEG has left their production estimate for Ukraine unchanged at 20.1 mmt. The group mentioned that they could trim that number later as the country faces dry weather.
• Agrimer reported that soft red wheat exports are the lowest in 28 years this season as they face stiff competition from the Black Sea region.

Author

Tanner Wilson